Treasury yields fall after disappointing jobs report - CNBC

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Treasury yields dipped on Friday after November jobs report fell short of expectations.

The yield on the benchmark 10-year Treasury note fell 3 basis point to 1.416%. The yield on the 30-year Treasury bond also gave up a basis point at 1.756%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Treasurys

Nonfarm payrolls increased by just 210,000 for the month of November, the Labor Department said Friday. That compares to a Dow Jones estimate of 581,000 jobs for the month.

The big miss came even as the labor force participation rate increased for the month to 61.8%, its highest level since March 2020.

However, the unemployment rate fell sharply to 4.2%, versus an expectation of 4.5%.

A strong jobs reports would back up comments made by Federal Reserve Chairman Jerome Powell earlier this week, when he indicated that an improvement in the U.S. economy and higher inflation meant that the central bank could taper its asset purchases faster than expected.

Other sets of jobs data this week have beaten expectations. On Thursday, the Labor Department reported that 222,000 jobless claims were filed last week, which was below estimates. Meanwhile, payroll services firm ADP reported on Wednesday that 534,000 jobs were added in November, which also beat forecasts.

In terms of other data due out on Friday, Markit is set to release its final purchasing managers' index reading for November, at 9:45 a.m. ET. ISM's non-manufacturing PMI for November is then expected to come out at 10 a.m. ET. October's factory orders data is then slated to be released at 10 a.m. ET.

There are no auctions scheduled to be held on Friday.

— CNBC's Hannah Miao contributed to this market report.

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