The yield on the benchmark 10-year Treasury note, which moves inversely to its price, sat lower at 1.7749 percent, while the yield on the 30-year Treasury bond was also lower, at 2.6158 percent. Two-year note yields also fell, last trading at 0.7250 percent.
On the data front, initial jobless claims came in at 276,000, above the expected 265,000. The Chicago PMI, meanwhile, came in at 53.6, above estimates. Investors also digested the latest Challenger, Gray and Christmas jobs cut report, which showed employer layoffs eased 22 percent in March month over month.
On Friday, investors will turn their eyes to the key March jobs report. According to a Reuters poll, economists expect the U.S. economy to have added 205,000 jobs in March.
Oil prices reversed Thursday, with Brent crude trading at $39.57 a barrel, up 0.79 percent, while U.S. crude capped settled at $38.34.