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NEW YORK: US Treasury debt yields rose on Friday after data showed the world's largest economy lost jobs last month due to the impact of Hurricanes Harvey and Irma, but details of the report such as the unemployment rate and wage growth suggested an improving labor market.

The report did not shake expectations for a decision to raise interest rates at the Federal Reserve's monetary policy meeting in December.

US benchmark 10-year yields, which move inversely to prices, climbed to five-month peaks, while those on 30-year bonds advanced to two-month highs.

US two-year yields, meanwhile, soared to their highest in nine years.

The Labor Department said on Friday nonfarm payrolls fell by 33,000 jobs last month amid a record drop in employment in the leisure and hospitality sector. But the unemployment rate fell to 4.2 percent, the lowest since February 2001.

The average hourly earnings, meanwhile, increased 12 cents or 0.5 percent in September after rising 0.2 percent in August.

"Looking through the numbers, you have the average hourly earnings higher than expected and the revisions on the average hourly earnings stronger too," said Jason Celente, senior portfolio manager, at Insight Investment in New York.

"It does reflect a tightening labor market. The bond market is taking cue from this and other stronger aspects of the report," he added.

Following the US jobs data, the rate futures market has priced in a more than 90 percent chance of a Fed tightening in December, according to CME's FedWatch.

Investors had already factored in the impact of the hurricanes on the US economy, so they were not fazed by the loss of jobs last month. In addition, market participants have been focusing less and less on the headline payrolls number, and instead have turned their attention to wage growth

In mid-morning trading, the benchmark 10-year US Treasury note yield rose to its highest since May 11 and was last at 2.393 percent.

The 30-year yield also climbed to its strongest level since August 1, and last traded at 2.922 percent.

US two-year note yields surged to a nine-year peak and last changed hands at 1.520 percent.

 

 

Copyright Reuters, 2017