Nonfarm payrolls grew by 227,000 in January while the unemployment rate edged higher to 4.8 percent. However, average hourly earnings were up just 3 cents and 2.5 percent on an annualized basis.
The report was the first since President Donald Trump took office on Jan. 20. In the past, Trump has been critical of the unemployment rate, saying it understates the actual level of joblessness.
Other data released Friday included December factory orders, which rose 1.3 percent, and the January read on the ISM nonmanufacturing index, which came in at 56.5, slightly below December's 56.6.
For the week, Treasurys were mixed as amid uncertainty surrounding some of the Trump administration's policies. On Friday, Trump signed an executive order aimed at watering down the 2010 Dodd-Frank regulatory framework.
In oil markets Friday, Brent crude was around $56.83 a barrel, up 0.48 percent, while U.S. crude was at $53.85 a barrel, also up 0.58 percent.
—CNBC's Jeff Cox contributed to this report.