Treasury yields sank Thursday as traders waited for a report on the job market that might renew fears of another recession in the U.S.
The government will release data Friday on hiring and unemployment last month. Analysts expect that the job market weakened as factory output grew more slowly and recession fears limited spending by consumers. A labor strike at Verizon Communications Inc. also might have hurt the results.
A weak report on jobs could reignite fears that the economic recovery is losing momentum. That would make lower-risk investments such as Treasurys more attractive, driving their prices higher and their yields lower.
The 10-year Treasury note rose 84 cents for every $100 invested in 4 p.m. trading. Its yield fell to 2.13 percent from 2.23 percent late Wednesday. Bond yields fall as their prices rise.
Several economists lowered their projections for the payroll numbers. Some said the report will show employers created fewer than 50,000 jobs last month. Those revisions helped drive demand for Treasurys, analysts said. Economists surveyed by FactSet on average expect 93,000 new jobs.
Trading volume of Treasurys was strong, with the 10-year being the most popular issue, according to data from CRT Capital Group LLC.
The price of the 30-year bond rose $1.97 per $100 invested. The yield fell to 3.50 percent from 3.61 percent.
The yield on the two-year note fell to 0.18 percent from 0.20 percent.
The yield on the three-month T-bill was 0.01 percent. Its discount wasn't available.