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Treasury Yields Vary

Published February 6, 2026

U.S. Treasury yields rose early in the week as investors waited for the latest job hiring numbers from the private sector. Yields fell toward the end of the week after jobless claims rose higher than expected, increasing concerns about a softening labor market.

On Wednesday, ADP reported that private sector jobs increased nominally in January. The payroll processing company detailed that private sector businesses added 22,000 jobs in January, below Wall Street’s expectations of an increase of 45,000 jobs. ADP also revised the payroll figures for December, indicating the addition of 37,000 jobs, fewer than the initially reported increase of 41,000 jobs.

“Weak and highly concentrated growth in the labor market translates to weaker growth across the economy,” said senior economist at NerdWallet, Elizabeth Renter. “When the labor market is adding fewer jobs (and losing them in some sectors), the economy is less dynamic. For households, this may mean fewer opportunities for professional advancement and pay raises.”

The benchmark 10-year Treasury note yield opened the week of February 2 at 4.24% and traded as high as 4.30% on Tuesday. The 30-year Treasury bond opened the week at 4.88% and traded as high as 4.93% on Tuesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment increased by 22,000 to 231,000 for the week ending January 31. This was more than the 212,000 claims that economists estimated. Continuing unemployment claims increased by 25,000, reaching 1.84 million.

"Initial claims have returned to their trend, after a few weeks of unusually low numbers due to low seasonal hiring in Q4, and hence unusually low layoffs in January," stated economists at Pantheon Macro in a note following the release. “We continue to think that the unemployment rate will continue to rise gradually over the first half of this year.”

The 10-year Treasury note yield finished the week of 2/2 at 4.22%, while the 30-year Treasury note yield finished the week at 4.85%.