NEW YORK (AP) — A surprisingly weak April jobs report is sending traders into U.S. government bonds and pushing a benchmark lending rate to the lowest level in three months.
In Friday afternoon trading, the price of the 10-year Treasury rose 50 cents for every $100 invested. Its yield dropped to 1.88 percent, the lowest since early February. Higher bond prices turn bond yields lower.
The 10-year yield, widely used as a floor for other lending rates, was trading at 1.92 percent late Thursday.
The Labor Department said Friday that the U.S. added just 115,000 workers to payrolls last month. That's nearly a third below the number economists had expected. Hiring has slowed from the start of the year, when the U.S. added an average of 252,000 new jobs in the first two months.