Treasury Yields Rise

Published June 5, 2026

U.S. Treasury yields rose early in the week as investors waited for the latest job hiring numbers from the private sector. Yields continued to climb toward the end of the week after jobless claims rose higher than expected.

On Wednesday, ADP reported that private sector jobs increased more than expected for May. The payroll processing company detailed that private sector businesses added 122,000 jobs in May, above Wall Street’s expectations of an increase of 110,000 jobs. ADP also revised down the payroll figures for April by 4,000 to an addition of 105,000 jobs.

“Hiring was more broad-based in May than we have seen in the last few years,” said chief economist at ADP, Nela Richardson. “The labor market continues to show sustained momentum going into the summer hiring season.”

The benchmark 10-year Treasury note yield opened the week of June 1 at 4.44% and traded as high as 4.51% on Wednesday. The 30-year Treasury bond opened the week at 4.97% and traded as high as 5.01% on Wednesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment reached 225,000 for the week ending May 30. This was up 13,000 from the prior week and above analysts’ expectations of 211,000. Continuing unemployment claims decreased by 8,000 to 1.78 million.

"The big picture remains that the trend in both initial and continuing claims still is very subdued," said senior U.S. economist at Pantheon Macroeconomics, Oliver Allen. "It would be unwise, however, to conclude that all is fine and well with the labor market simply because claims are low. Low fire, low hire remains an apt description of labor market conditions, and only around one of four of those unemployed make a claim."

The 10-year Treasury note yield finished the week of 6/1 at 4.52%, while the 30-year Treasury note yield finished the week at 5.00%.