The 10-year U.S. Treasury yield dropped below 3.8% on Friday after a weaker-than-expected jobs report added to fears of slowing growth.
The yield on the benchmark 10-year Treasury hit a low of 3.79%, or its lowest level since December 2023 when it yielded as low as 3.783%. It was last at 3.824% after falling 15 basis points.
The 2-year Treasury yield was last at 3.954% after falling 21 basis points.
Yields and prices have an inverted relationship. One basis point equals 0.01%.
The July jobs report showed an increase of 114,000 last month, much less than expected. Economists polled by Dow Jones were anticipating nonfarm payrolls to have increased by 185,000. The unemployment rate rose to 4.3%, or the highest level since October 2021.
That comes after data released Thursday showed that the latest weekly initial jobless claims came in at 249,000, far above the forecast 235,000 and continuing claims rose to their highest level since…
