NEW YORK (AP) — Government bond prices jumped after the government said hiring stalled in the past month.
The Labor Department reported Friday that the economy added just 18,000 jobs in June, the lowest figure in nine months. The unemployment rate inched up to 9.2 percent.
The news sent investors into the relative safety of Treasurys. In afternoon trading, the 10-year note is up $1.06 for every $100 invested. The higher price lowered the yield to 3.02 percent, down from 3.13 percent late Thursday.
The jobs report caught many by surprise. Economists had forecast a gain of 90,000 jobs and expected the unemployment rate to remain at 9.1 percent. Recent news raised hopes that the Labor Department’s report would trump those estimates. Payroll processor ADP said Thursday that companies added 157,000 employees in June.