Traders work on the floor of the New York Stock Exchange.
Treasury yields were higher on Monday as investors awaited labor and manufacturing economic data this week.
The yield on the 10-year Treasury rose by 3 basis point to 4.225%. Meanwhile, the 2-year Treasury yield rose by 5 basis points to 4.219%. On Friday, the 10-year Treasury yield had fallen to its lowest levels since late October.
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One basis point equals 0.01% and yields and prices move in opposite directions.
Investors are keenly anticipating labor data which will offer insights about the strength of the U.S. economy.
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First, the Job Openings and Labor Turnover Survey for October will be published on Wednesday and provide estimates of the number of job openings, hires, layoffs, and quits.
The November jobs report will be published on Friday and is expected to show that the U.S. economy added 177,500 jobs last month, per FactSet's consensus estimate, up from 12,000 jobs in October.
Additionally, the unemployment rate is set to rise to 4.2%, up from 4.1% previously, per the FactSet estimate.
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The jobs report is important for investors as it will be the last major look at the labor market before the Fed's Dec. 17-18 meeting, where they will decide on how much to cut interest rates. A strong labor report will put the Fed on the path to cut rates further.
Meanwhile, on Monday investors are expecting the ISM Manufacturing PMI report for November, which will offer insights about the health of the manufacturing economy. A PMI reading above 50% indicates an expanding manufacturing economy while below 50% suggests a decline.
Several Fed officials are expected to give speeches through the week, including Fed governor Christopher Waller on Monday, then Fed chair Jerome Powell on Wednesday, which investors will monitor closely for hints about future interest rate cuts.
