The 10-year Treasury yield is down 2 bps to 4.073% on Friday as the government shutdown, now in its 38th day, continues to block the release of economic data from federal agencies.
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The Bureau of Labor Statistics was scheduled to release its nonfarm payrolls report this morning but was unable to for a second straight month, clouding the state of the labor market. Economists expected a reduction of 60,000 jobs and an unemployment rate uptick to 4.5%.
Investors Eye Shutdown as Job Cuts Rise
With the data on hold, the condition of the U.S. economy remains unclear, keeping investors cautious and pushing the 10-year Treasury yield slightly lower as demand for safe-haven government debt rises. Earlier this week, private data from outplacement firm Challenger, Gray & Christmas showed 153,074 job cuts in October, the highest for the month since 2003.
Investors are closely watching for any signs of progress on a government reopening, as a prolonged shutdown could further depress yields.
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