Yields on benchmark 10-year Treasury notes—used to calculate mortgage rates and other consumer loans—dipped to 2.32 percent, after rising 18/32 in price. The yield was 2.404 percent before the employment data. Yields and prices are inversely related.
The 30-year bond price rose 25/32 in afternoon trading to yield 3.064 percent.
The Labor Department said the U.S. added 214,000 nonfarm jobs in October with an unemployment rate of 5.8 percent. Economists had forecast that 231,000 jobs were added to nonfarm payrolls in October, with the unemployment rate unchanged at 5.9 percent.
"The number was good, not great," Peter Boockvar, chief market analyst at The Lindsey Group, said. "I think this post-number change [in yields] is just adjusting."
"The unemployment rate of 5.8 percent is not too far from the Fed's year-end 2015 target range of 5.4-5.6 percent thus putting the Fed even further behind the ball," Boockvar said in a note. "Expect a March rate hike."
The yield on two-year Treasury notes, which are sensitive to investors' views on changes in Fed policy, was last 0.507 percent. It retreated from a one-month peak of 0.567 percent shortly before the jobs data.
Earlier on Friday, the Federal Reserve's William Dudley said the Fed would likely raise U.S. interest rate hikes "sometime next year," adding that such an increase would be "welcome" and would signal economic health.
After the employment report, the Federal Reserve's Janet Yellen will speak in Paris at the Banque de France conference.
—Reuters contributed to this report.