(Real Gross Domestic Product-All Employees: Total Nonfarm Payrolls)/Real Gross Domestic Product
Source: U.S. Bureau of Labor Statistics
Release: Employment Situation
All Employees: Total Nonfarm, commonly known as Total Nonfarm Payroll, is a measure of the number of U.S. workers in the economy that excludes proprietors, private household employees, unpaid volunteers, farm employees, and the unincorporated self-employed. This measure accounts for approximately 80 percent of the workers who contribute to Gross Domestic Product (GDP).
This measure provides useful insights into the current economic situation because it can represent the number of jobs added or lost in an economy. Increases in employment might indicate that businesses are hiring which might also suggest that businesses are growing. Additionally, those who are newly employed have increased their personal incomes, which means (all else constant) their disposable incomes have also increased, thus fostering further economic expansion.
Generally, the U.S. labor force and levels of employment and unemployment are subject to fluctuations due to seasonal changes in weather, major holidays, and the opening and closing of schools. The Bureau of Labor Statistics (BLS) adjusts the data to offset the seasonal effects to show non-seasonal changes: for example, women's participation in the labor force; or a general decline in the number of employees, a possible indication of a downturn in the economy. To closely examine seasonal and non-seasonal changes, the BLS releases two monthly statistical measures: the seasonally adjusted All Employees: Total Nonfarm (PAYEMS) and All Employees: Total Nonfarm (PAYNSA), which is not seasonally adjusted.
The series comes from the 'Current Employment Statistics (Establishment Survey).'
The source code is: CES0000000001
U.S. Bureau of Labor Statistics, All Employees: Total Nonfarm Payrolls [PAYEMS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PAYEMS, February 22, 2017.
Source: U.S. Bureau of Economic Analysis
Release: Gross Domestic Product
BEA Account Code: A191RX1
Real gross domestic product is the inflation adjusted value of the goods and services produced by labor and property located in the United States.
For more information see the Guide to the National Income and Product Accounts of the United States (NIPA) - (http://www.bea.gov/national/pdf/nipaguid.pdf)
U.S. Bureau of Economic Analysis, Real Gross Domestic Product [GDPC1], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/GDPC1, February 22, 2017.
- Table B-1. Employees on nonfarm payrolls by industry sector and selected industry detail, Seasonally adjusted
Gross Domestic Product
- Table 1.1.6. Real Gross Domestic Product, Chained Dollars: Quarterly
- Table 1.2.6. Real Gross Domestic Product by Major Type of Product, Chained Dollars: Quarterly
- Table 1.3.6. Real Gross Value Added by Sector, Chained Dollars: Quarterly
- Table 1.4.6. Relation of Real Gross Domestic Product, Real Gross Domestic Purchases, and Real Final Sales to Domestic Purchasers, Chained Dollars: Quarterly
- Table 1.5.6. Real Gross Domestic Product, Expanded Detail, Chained Dollars: Quarterly
- Table 1.7.6. Relation of Real Gross Domestic Product, Real Gross National Product, and Real Net National Product, Chained Dollars: Quarterly
- Table 1.8.6. Command-Basis Real Gross Domestic Product and Gross National Product, Chained Dollars: Quarterly
- Table 1.17.6. Real Gross Domestic Product, Real Gross Domestic Income, and Other Major NIPA Aggregates, Chained Dollars: Quarterly