Treasury Prices Fall After Philadelphia Fed Index

MARKETSCOPE: Treasury bond prices fell on Thursday, as investors eyed data about the U.S. economy such as the Philadelphia Fed Index.

The benchmark 10-year note eased 03/32 to 95-28/32 for a yield of 5.04%, while the 30-year bond fell 05/32 to 90-12/32 for a yield of 5.13%.

The Philadelphia Fed manufacturing index rose to 13.2 in April from 12.3 in March, the 10th consecutive month of expansion. The employment index surged to 21.7 from 5.4, but new orders slowed to 12.2 from 20.8. The prices paid index surged to 29.0 from 17.2, while prices received were steady at 15.4.

Bear Stearns' John Ryding thinks the April Philadelphia Fed index rise remains consistent with solid expansion in the manufacturing sector in early April, as well as continued, elevated price pressures from the sector.

Initial Jobless Claims fell 10,000 to 303,000 in the week ended April 15 from 313,000 the week before.

The Bureau of Labor Statistics says the median weekly earnings of the nation's 103.5 million full-time wage and salary workers rose 2.3% to $668 in the first quarter from year ago levels.

The Conference Board reported that its Index of Leading Economic Indicators slipped 0.1% in March after skidding a revised 0.5% in February. Four of the ten components contributed negatively, paced by building permits and jobless claims.

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