MW: Treasurys up after job cuts top forecasts last month
By Deborah Levine
NEW YORK (MarketWatch) -- Treasurys gained Friday after the Labor Department said more jobs were cut in September than in any month since March 2003, signaling a further slowdown in the economy. Ten-year note yields fell 3 basis points to 3.61%. The economy lost 159,000 jobs last month, the ninth straight month of declines. Economists surveyed by MarketWatch forecast a 110,000 decline. The unemployment rate remained at 6.1%. Investors are also nervous over whether the House of Representatives will approve legislation to help rescue financial markets from bad assets. Lawmakers are expected to vote later today. The Federal Reserve is now fully expected to lower interest rates by the end of the month to spur economic growth, according to trading in the November fed funds futures contract.
