Following the modest rebound seen in the previous session, treasuries showed a notable move back to the downside during trading on Friday.
Bond prices moved steadily lower over the course of the session before ending the day firmly in negative territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, advanced by 7 basis points to 3.214 percent.
The sharp pullback by treasuries came following the release of a closely watched Labor Department report showing stronger than expected job growth in the month of October.
The Labor Department said non-farm payroll employment surged up by 250,000 jobs in October after rising by a downwardly revised 118,000 jobs in September. Economists had expected an increase of about 190,000 jobs.
The report also said the unemployment rate in October was unchanged from the previous month at 3.7 percent, its lowest level since hitting 3.5 percent in December of 1969.
Average hourly employee earnings rose by $0.05 to $27.30 in October, reflecting a 3.1 percent increase compared to the same month a year ago.
The annual rate of hourly earnings growth accelerated from 2.8 percent in September, reaching the fastest pace since April of 2009.
The upbeat jobs data paints of positive picture for the U.S. economy but also led to renewed concerns about the outlook for interest rates.
"The U.S. jobs market remains incredibly strong and with wages starting to accelerate, domestic price pressures will increase," said ING Chief International Economist James Knightley.
He added, "This will keep the Federal Reserve on its path of 'gradual' interest rate hikes with next week's FOMC meeting set to signal a December move."
Results of Tuesday's midterm elections may impact next week's trading, with Democratic leaders optimistic they can retake control the House.
Traders are also likely to keep an eye on the Federal Reserve's latest monetary policy decision due to be announced next Thursday.
The Fed is widely expected to leave interest rates unchanged, although the accompanying statement may provide clues about the anticipated rate hike next month.
The election results and Fed meeting may overshadow reports on service sector activity, producer price inflation and consumer sentiment.
Ahead of the Fed announcement, the Treasury Department is due to sell $37 billion worth of three-year notes next Monday, $27 billion worth of ten-year notes next Tuesday, and $19 billion worth of thirty-year bonds next Wednesday.
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