Jan 9 (Reuters) - The U.S. bond market's measures on inflation expectations fell on Friday after the government's non-farm payrolls data showed wages unexpectedly fell in December, reducing hopes the recent pickup in hiring would support price growth for the economy. The U.S. Labor Department said average hourly earnings fell 0.2 percent in December, falling short of analysts' forecast of a 0.2 percent gain. The initial November reading of a 0.4 percent increase was revised down to a 0.2 percent rise. The five-year TIPS breakeven rate, which measures investors' short-term inflation expectations, fell 1.60 basis points from late Thursday to 1.16 percent, according to Tradeweb. The 10-year TIPS inflation breakeven rate, a gauge of investors' longer-term inflation outlook, was 0.95 basis point lower at 1.60 percent. On Tuesday, TIPS breakeven rates fell to their lowest levels since December 2010. (Reporting by Richard Leong; Editing by Chizu Nomiyama)

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