10-year Treasury yield hits lowest level in a week amid persistent worries about global economy

Treasury yields fell on Friday as investors closely monitored flash readings of purchasing managers’ index data for further clues about the pace of the economic recovery.

The yield on the benchmark 10-year Treasury note dipped 2 basis points to 0.6274%, its lowest level since Aug.12.
The yield on the 30-year Treasury bond was also down at 1.3552%. Yields move inversely to prices.

Market focus is largely attuned to economic data after U.S. jobless claims on Thursday exacerbated fears of a slower recovery from the coronavirus-led downturn.

The Labor Department showed that the number of Americans filing for jobless benefits for the first time climbed back above 1 million last week.

The data ushered some market participants toward so-called safe haven assets in the previous session, such as U.S. debt. It also amplified the pressure on U.S. lawmakers, with Republicans and Democrats at loggerheads over the next round of pandemic relief legislation.

On the data front, a flash reading of manufacturing PMI for August and a flash reading of services PMI for August will both be released at 9:45 a.m. ET. Existing home sales data for July will follow shortly thereafter.

There are no Treasury auctions scheduled on Friday.

— CNBC’s Thomas Franck contributed to this report.