The yield on the 10-year Treasury rose as traders downplayed October jobs data showing meager job growth that was hurt by hurricanes and striking workers, and was far below what Wall Street was expecting.
The 10-year Treasury yield jumped nearly 10 basis points at 4.382%. The 2-year Treasury yield was higher by 5 basis points at 4.216%. The uptick in yields marks a continuation of their recent rebound from October.
Yields and prices move in opposite directions. One basis point equals 0.01%.
The October nonfarm payrolls report showed a gain of just 12,000 jobs for the month. Economists surveyed by Dow Jones were expecting growth of 100,000 jobs.
The Bureau of Labor Statistics cautioned that the report was influenced by hurricanes and the strike at Boeing. Those complications may have dampened the reaction to the miss among traders.
The unemployment rate held steady at 4.1%.
The murky jobs report could play a role in next week’s meeting of Federal Reserve …