U.S. government debt yields were little changed Tuesday after the Labor Department said that the number of job openings in the United States raced to a record in August.
The number of openings hit a series high of 7.1 million on the last business day of August, the government said, adding to the existing belief that the U.S. labor market is at one of its tightest points in a generation.
The yield on the benchmark 10-year Treasury note initially rose on the back of the data, but later turned lower. At around 1:13 p.m. ET, the yield traded at 3.158 percent, while the yield on the 30-year Treasury bond was also little changed at 3.335 percent. Bond yields move inversely to prices.
In the Bureau of Labor Statistics's most recent report on the employment situation the unemployment rate in the U.S. dropped to 3.7 percent, a level not seen in nearly 50 years. Closely-watched average hourly earnings rose 8 cents — or 0.3 percent — over the month, matching August's gain.
The hot job reports may also portend acceleration in wage growth, which could be a worry for the Federal Reserve trying to keep a lid on inflation.