U.S. Treasury yields ahead of April jobs report [Video]

U.S. Treasury yields dropped on Friday after April’s jobs report showed weaker-than-expected payrolls growth and an unexpected tick higher in the unemployment rate.

The yield on the 10-year Treasury was off by nearly 10 basis points to 4.473%. The 2-year Treasury yield was last 12.4 basis points lower to 4.751%.

Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.

Yields pulled back while equity futures climbed after April payroll data undershot expectations. U.S. job growth expanded by 175,000 last month, the Bureau of Labor Statistics said on Friday. Economists surveyed by Dow Jones anticipated that nonfarm payrolls rose by 240,000 in April. The unemployment rate ticked up to 3.9%, against an estimate that called for a 3.8% increase.

That comes after ADP’s private payrolls report for April, which was published Wednesday, came in above expectations. It showed that private companies added 192,000 workers, higher than the estimated 183,000. The figure was, however, …