U.S. Treasury yields dipped slightly on Friday morning, ahead of the release of the November jobs report.
The yield on the benchmark 10-year Treasury note fell 1 basis point to 1.432% at around 8 a.m. ET. The yield on the 30-year Treasury bond also gave up less than a basis point at 1.7644%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The U.S. Labor Department is due to release the November nonfarm payroll report at 8:30 a.m. ET. Investors expect to see solid jobs growth last month, with economists surveyed by Dow Jones predicting 581,000 jobs added in November.
A strong jobs reports would back up comments made by Federal Reserve Chairman Jerome Powell earlier this week, when he indicated that an improvement in the U.S. economy and higher inflation meant that the central bank could taper its asset purchases faster than expected.
Other sets of jobs data this week have beaten expectations. On Thursday, the Labor Department reported that 222,000 jobless claims were filed last week, which was below estimates. Meanwhile, payroll services firm ADP reported on Wednesday that 534,000 jobs were added in November, which also beat forecasts.
In terms of other data due out on Friday, Markit is set to release its final purchasing managers’ index reading for November, at 9:45 a.m. ET. ISM’s non-manufacturing PMI for November is then expected to come out at 10 a.m. ET. October’s factory orders data is then slated to be released at 10 a.m. ET.
There are no auctions scheduled to be held on Friday.
— CNBC’s Hannah Miao contributed to this market report.
