WASHINGTON (dpa-AFX) - Following the pullback seen in the previous session, treasuries showed a notable move back to the upside during trading on Wednesday.
Bond prices gave back some ground after an early advance but remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 4.1 basis points to 4.138 percent.
The strength among treasuries came following the release of a report from payroll processor ADP showing private sector employment increased by slightly less than expected in the month of December.
ADP said private sector employment rose by 41,000 jobs in December after falling by a revised 29,000 jobs in November.
Economists had expected private sector employment to climb by 47,000 jobs compared to the loss of 32,000 jobs originally reported for the previous month.
A separate report released by the Labor Department showed job openings in the U.S. fell by more than expected in the month of November.
On Friday, the Labor Department is scheduled to release its report on the employment situation in the month of December.
Economists currently expect employment to increase by 60,000 jobs in December after climbing by 64,000 jobs in November. The unemployment rate is expected to edge down to 4.5 percent from 4.6 percent.
Meanwhile, the Institute for Supply Management released a report showing an unexpected increase by its reading on U.S. service sector activity in the month of December.
The ISM said its services PMI climbed to 54.4 in December from 52.6 in November, with a reading above 50 indicating growth. Economists had expected the index to edge down to 52.3.
With the unexpected increase, the services PMI reached its highest level since hitting 56.0 in October 2024.
Trading on Thursday may be impacted by reaction to the latest U.S. economic data, including reports on weekly jobless claims and the U.S. trade deficit.
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