@ muekezaji
Traders ( forex and others in the financial markets) are constantly monitoring various economic indicators to identify trends in economic growth of the country especiall in this case in United States.Some of the most watched careful data are the CPI,Housing data,GDP,Employment among others.Out of these data the employment report contains statistics regarding the information on the job market.
The employment report is released on the first Friday of every month by the bureau of statistics providing data covering the previous month. The report contains information on unemployment,job growth and payroll data,among other statistics.
Out of the payroll data that is provided,the most important statistic that is analyzed is the non farm payroll data,which represents the total number of paid U.S. workers of any business,excluding general government employees,private household employees,employees of non- profit organizations that provide assistance to individuals,and farm employees. This data is analyzed closely because of its importance in identifying the rate of economic growth and inflation
As with other indicators,the difference between the actual non-farm data and expected figures will determine the overall effect of the data on the market. If the non-farm payroll is expanding,this is a good indication that the economy is growing,and vice versa. However,if increases in non-farm payroll occur at a fast rate,this may lead to an increase in inflation. In forex trading,the level of actual non-farm payroll compared to payroll estimates is taken very seriously. If the actual data comes in lower than economists' estimates,forex traders will usually sell U.S. dollars in anticipation of a weakening currency. The opposite is true when the data is higher than economists' expectations. So it also needs wisdom a little bit so that you can know the impact of it in the market and the underlying currencies.
I dont think you need to pay 10k or 20k to understand it after you get the basics you can continue to use the practical and understand it better with other data and enrich your knowledge futher. That is my 2 cent contribution. I think @passyson @toni @kilabe e.t.c can add more
@NGAATU