U.S. Treasury yields climbed higher on Friday as the latest jobs report signaled a continued rebound in the labor market.
The U.S. added 638,000 jobs in October, the Labor Department said Friday. This is ahead of the 530,000 expected by economists surveyed by Dow Jones. The unemployment rate also fell to 6.9%.
Investors continued to wait for the result of the presidential election. Democratic candidate Joe Biden has been chipping away at President Donald Trump’s leads in the key swing states of Georgia and Pennsylvania.
The former vice president Biden also holds narrow leads in Nevada and Arizona, where votes are still being counted. An NBC News tally shows that Biden has gained 253 electoral votes, just 17 votes shy of the 270 needed to win the White House.
On Thursday, the Federal Reserve kept benchmark interest rates anchored between 0% to 0.25%, as it said economic activity in the U.S. remained “well below” pre-pandemic levels.
Confirmed cases of the coronavirus continue to surge in the U.S., with the daily count of new infections reaching 121,888 on Thursday, according to data compiled by Johns Hopkins University.