MW: Treasurys pull back further after jobless claims
By MarketWatch
BOSTON (MarketWatch) -- A slight decline in weekly jobless-claims data helped push Treasury prices lower Thursday, one day after they fell sharply following surprisingly upbeat figures on business conditions in the nation's manufacturing sector.
Treasurys declined and their yields rose after the Labor Department said first-time filings for state unemployment benefits fell by 6,000 to 472,000 in the latest week. See full story on initial filings.
Yields on 10-year notes (UST10Y 2.62, +0.04, +1.47%) moved up 5 basis points to 2.62%, while yields on 30-year bonds (UST30Y 3.72, +0.07, +1.84%) added 7 basis points to 3.72%.
Debt prices move inversely to their yields. A basis point is 0.01%.
On Friday, investors will be looking for a key report on U.S. nonfarm payrolls and the unemployment rate for August.
The government Thursday revised its second-quarter business productivity estimate lower, to a decline of 1.8% from 0.9% initially.
In other economic data, the National Association of Realtors reported pending home sales rose 5.2% in July. See full story on pending home sales.
Also on the agenda Thursday is an auction of 10-year Treasury Inflation-Protected Securities, or TIPS.