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US Treasury yields rise following strong jobs data

U.S. government debt yields rose on Monday as market participants pored over recent economic and labor data.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.72 percent, while the yield on the 30-year Treasury bond was also higher at 3.06 percent.

The Commerce Department said Monday that demand for U.S. manufactured products fell in November as factory orders dropped 0.6 percent from the month earlier. The release of the factory orders data was delayed because of the partial government shutdown. Orders for durable goods, such as as air conditioners and cars, rose 0.7 percent in November from the prior month.

U.S. Markets Overview: Treasurys chart

Monday's rise in yields came after the Labor Department said on Friday that the American economy added more than 300,000 jobs and more people entered the workforce in the month of January. Rates also jumped last week after the Institute for Supply Manufacturing said activity in the manufacturing sector expanded in January.

December's big initially reported gain of 312,000 was revised all the way down to 222,000, while November's rose from 176,000 to 196,000.The three-month average job gain is 241,000.

The ISM said that January PMI registered 56.6 percent, an increase of 2.3 percentage points from the December reading of 54.3 percent, while new orders registered 58.2 percent, an increase of 6.9 percentage points.

Much of the action over the past week has stemmed from the Federal Reserve's monetary policy decision on Wednesday. The central bank kept the federal funds rate steady as expected, but also vowed to be "patient" when adjusting monetary policy in the future.