Traders seize on bright spots in unemployment report to send Treasury prices lower
By APFriday, September 3, 2010
Treasury prices fall on unemployment report
NEW YORK — Treasurys are sliding after the latest Labor Department report showed private employers added more jobs than economists expected.
The yield on the 10-year Treasury climbed to 2.71 percent in early afternoon trading Friday, up from 2.63 percent the day before. The yield on the 30-year bond rose to 3.78 percent from 3.72 percent.
The Labor Department reported the unemployment rate inched higher to 9.6 percent in August, from 9.5 percent the previous month. But part of that is a result of an increase in the labor force, meaning that more people are job hunting.
Private employers also added 67,000 employees to their payrolls.
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