WASHINGTON (dpa-AFX) - After ending the previous session modestly higher, treasuries showed a more notably move to the upside during trading on Tuesday.
Bond prices fluctuated early in the session but climbed firmly into positive territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 3.3 basis points to 4.149 percent.
Treasuries benefitted from their appeal as a safe haven following the release of the Labor Department's report on employment in the month of November.
While report showed stronger than expected job growth in November, the increase followed a notable loss of jobs in October.
The report said non-farm payroll employment climbed by 64,000 jobs in November after tumbling by 105,000 jobs in October. Economists had expected employment to rise by 50,000 jobs.
Meanwhile, the Labor Department said the unemployment rate rose to 4.6 percent in November from 4.4 percent in September. The unemployment rate was expected to tick up to 4.5 percent.
With the bigger than expected increase, the unemployment rate reached its highest level since hitting 4.7 percent in September 2021.
The report raised concerns about the strength of the economy, leading most economists to predict the data has increased the likelihood the Federal Reserve will continue cutting interest rates in the near future.
A separate report released by the Commerce Department showed retail sales in the U.S. were roughly flat in the month of October.
The Commerce Department said retail sales were virtually unchanged in October after inching up by a downwardly revised 0.1 percent in September.
Economists had expected retail sales to rise by 0.2 percent, matching the increase originally reported for the previous month.
However, excluding a steep drop in auto sales, retail sales climbed by 0.4 percent in October after edging up by 0.1 percent in September. Ex-auto sales were expected to rise by 0.3 percent.
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