TREASURIES-US yields jump as employers add more jobs than expected in May
BY Reuters | ECONOMIC | 06/07/24 08:56 AM EDTJune 7 (Reuters) - U.S. Treasury yields jumped on Friday after data showed that U.S. job growth accelerated far more than expected in May, keeping the Federal Reserve on track to hold off starting to cut interest rates until September at the earliest.
Nonfarm payrolls increased by 272,000 jobs last month, above economists expectations for 185,000 jobs gains.
The Labor Department's closely watched employment report on Friday also showed the unemployment rate ticked up to 4.0% from 3.9% in April.
Benchmark 10-year note yields were last up 13 basis points on the day at 4.414%. They got as low as 4.275% on Wednesday, the lowest since April 1.
Two-year note yields gained 14 basis points to 4.860% after dropping to 4.716% on Thursday, the lowest since May 16. (Reporting By Karen Brettell; Editing by Chizu Nomiyama)