Treasury Prices Gain after Hiring Report

By: Associated Press
By: Associated Press

NEW YORK (AP) - Treasury prices are edging up after a government
report on hiring remained within investor expectations.

The price of the 10-year Treasury note rose 19 cents per $100 invested.

Its yield, which moves in the opposite direction, fell to 3.45 percent from 3.46 percent late Thursday.

The Labor Department said Friday that the economy added 216,000 new jobs in March and the unemployment rate slipped to a two-year low of 8.8 percent from 8.9 percent.

The average hourly earnings remained unchanged, quelling fears about wage inflation.

The report was in line with what traders had expected.

Investors expected solid hiring number based on previous positive jobs

If the labor market gathers steam, that could convince the Federal Reserve to pull back its bond-buying program designed to boost the economy.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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