Treasury Yields Plummet as Weak Jobs Report Dents Rate Hike Chances

The 10-year Treasury yield plummeted nearly 6 basis points to 5.18% after an unexpectedly weak September jobs report.

The unexpected weakness in the labor market data likely puts the brakes on a Federal Reserve rate hike in October, according to market analysts.

The nonfarm payrolls increased by just 29,000 for the month while the unemployment rate rose to 4.2% from 4.1%, the Bureau of Labor Statistics reported Friday.

Economists surveyed by Dow Jones had predicted an 84,000 increase and unemployment to remain steady.