U.S. government debt yields fell on Friday after the monthly jobs report missed Wall Street expectations.
The yield on the benchmark 10-year Treasury note fell 5 basis points to 2.772 percent at 3:59 a.m. ET, while the yield on the 30-year Treasury bond also slipped 5 basis points to 3.017 percent. Bond yields move inversely to prices.
Nonfarm payrolls rose 103,000 in March and the unemployment rate held at 4.1 percent, coming up short of Wall Street expectations, according to a government report Friday.
Economists had been expecting a payrolls gain of 193,000 and the unemployment rate to decline one-tenth of a point to 4 percent.
But the closely-followed average hourly earnings number rose 0.3 percent, just ahead of expectations of a 0.2 percent increase. That number brings the annualized figure to 2.7 percent. The average work week was unchanged at 34.5 hours.
"There was weakness in the non-farm payrolls ... if you look at the numbers, a lot of it was construction weakness," said Thierry Wizman, global interest rates and currencies strategist at Macquarie Group. But "I think that markets will be looking at wages. The 0.3 percent month-over-month figures suggests we're starting to see some state-level minimum wage effects coming through."