Treasuries plummeted during Friday trading as traders digested weak employment data that came in line with economist estimates.

While the Labor Department report pointed to continued weakness in the labor market, some investors were pleased that it did not show a notable surprise to the downside. Stocks showed a lack of direction following the release of the report, largely holding onto recent gains.

The benchmark ten-year note moved steadily lower throughout much of the trading session, closing just off its worst level of the day. Subsequently, the yield on the note closed up 15.5 basis points at 2.907 percent.

With the move, treasuries closed out the week on the downside, driving the yield on the benchmark ten-year note up 14.6 basis points for the week.

Investors digested data from the Labor Department that showed that non-farm payroll employment fell by 663,000 jobs in March following an unrevised decrease of 651,000 jobs in February. The drop in jobs came roughly in line with economists' expectations of a decrease of 658,000.

With the continued decrease in jobs, the unemployment rate rose to 8.5 percent in March from 8.1 percent in February, in line with expectations. The increase lifted the unemployment rate to its highest level since November of 1983.

With no significant economic data on tap for Monday, some investors are likely to focus on the Treasury Department's announcements regarding upcoming securities auctions aimed at funding the government's record spending measures.

Traders will focus on the government's details regarding the sale of the ten-year note, known as the benchmark security in the bond market.

The previous auction took place early last month, when the Treasury sold $18 billion worth of ten-year notes. The auction posted a high yield of 3.681 percent, while drawing modest demand, with the bid-to-cover ratio coming in at a level of 2.14.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

In relation to the standard ten-year note, traders will also pay attention to Tuesday's sale of $6.0 billion in 10-year inflation immune treasuries called TIPS.

The ten-year TIPS auction is closely watched, as the spread between the security and the regular ten-year note will give an indication of near-term inflation.

The Treasury Department is scheduled to reveal details of its upcoming sales at 11 a.m. ET, while holding standard sales for short-term securities at 1 p.m. ET.

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