Treasury yields were flat on Thursday as investors digested data on weekly jobless claims that totaled 4.4 million last week.
Another 4.427 million workers filed state unemployment claims in the week ended April 18, bringing the total number seeking benefits over the past five weeks to more than 26 million.
That brings the total number seeking benefits to more than 26 million since states started shutting down in the second half of March to stop the spread of the coronavirus. The U.S. economy has now erased all job gains since the Great Recession.
"Jobless claims are warning that the worst isn't over yet for the American economy with businesses and consumers alike being sucked down into the abyss of the pandemic recession," Chris Rupkey, MUFG Union Bank's chief financial economist, said in a note.
Violent fluctuations in oil prices have held markets hostage this week as a demand collapse due to the coronavirus and persistent oversupply keep pressure on crude.
Auctions will be held Thursday for $90 billion of 4-week Treasury bills, $70 billion of 8-week bills and $17 billion of 5-year TIPS.