NEW YORK: US Treasuries prices extended their decline early Thursday as data suggested steady domestic job growth and some upward pressure on labor costs and supported the view the Federal Reserve might consider raising interest rates as early as this summer.

The Labor Department said first-time filings for state unemployment benefits increased 11,000 to a seasonally adjusted 278,000 for the week ended Jan. 31. The weekly total was below the 290,000 forecast by economists.

The department also said non-farm unit labor costs grew at an annualized 2.7 percent rate in the fourth quarter of 2014, faster than a projected 1.0 percent pace. However, the third-quarter decrease was revised down to 2.3 percent from the initial reported 1.0 percent.

Benchmark 10-year Treasuries notes were last 8/32 lower in price, yielding 1.822 percent which was 2.5 basis points higher than late Wednesday.

Copyright Reuters, 2015