What type of economic indicator is nonagricultural employment classified as?

Nonagricultural employment is categorized as a coincident economic indicator. Coincident indicators provide real-time data that reflect the current state of the economy. They move in sync with the business cycle, indicating the current level of economic activity. Nonagricultural employment statistics are released monthly and represent employment trends across various sectors, excluding only agricultural jobs. As such, this indicator directly correlates with the overall economic performance and is a reliable measure of economic conditions at any given moment.

In contrast, leading indicators typically predict future economic activity by signaling potential changes, while lagging indicators confirm trends after they have occurred. Procyclical refers to indicators that move in the same direction as the overall economy. While nonagricultural employment can be classified as procyclical, the more precise classification in this context is as a coincident indicator due to its alignment with present economic conditions.