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Treasury debt prices rose Thursday after a bigger-than-expected drop in June non-farm payrolls shook confidence in the pace of the economic recovery.
The government said U.S. employers cut 467,000 jobs in June, above the revised 322,000 jobs lost in May and well above economists' expectations for a contraction of 363,000 jobs.
"It is definitely bond bullish," said Carl Lantz, U.S. interest rate strategist at Credit Suisse in New York, adding "the combination of lower hours, unchanged wages and lower employment all means lower income, which is going to weigh on consumer spending going forward."
Benchmark 10-year Treasury notes were trading 12/32 higher in price for a yield of 3.50 percent, down from 3.55 percent late Wednesday, while the two-year note was trading 2/32 higher for a yield of 1.01 percent from 1.05 percent.
The unemployment rate rose to 9.5 percent last month from 9.4 percent in May. The median of forecasts from economists polled by Reuters was for unemployment to have risen to 9.6 percent.
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