U.S. government debt yields slipped on the last trading day of the week after the Department of Labor reported that the economy added more jobs than expected in June, but the unemployment rate ticked higher.
The yield on the benchmark 10-year Treasury note was lower at around 2.829 percent at 11:26 a.m. ET, while the yield on the 30-year Treasury bond was lower at 2.934 percent. Bond yields move inversely to prices.
The Department of Labor reported Friday that the economy added 213,000 jobs throughout the month of June, but the unemployment rate ticked back up to 4 percent. Economists polled by Reuters expected gain of 195,000 jobs.
“I thought it was a very good number for the financial markets, both for equities and fixed income,” said Gary Pollack, head of fixed-income trading at Deutsche Bank Private Wealth Management. “It shows the labor market continues to growth, but not so much as to push inflation too much.”
In addition to the payroll gains, average hourly earnings rose 2.7 percent year over year, or up 0.2 percent month over month, a bit below expectations of a 2.8 percent increase.