Treasury yields fell on Friday after a key U.S. jobs report showed a slower-than-expected pace of hiring in August.

The benchmark 10-year Treasury yield declined more than 8 basis points to 4.091% and had reached the lowest level since April 7. The 2-year Treasury yield was lower by more than 6 basis points at 3.526% and had reached a five-month low. The 30-year Treasury yield fell more than 10 basis points to 4.769%.

One basis point equals 0.01% and yields and prices move in opposite directions.

U.S. employment growth showed further signs of slowing last month, with only 22,000 jobs being added in August. Economists polled by Dow Jones expected an increase of 75,000. The unemployment rate ticked up to 4.3%, as expected.

On Thursday, the ADP private payrolls data came in weaker-than-expected, with private payrolls rising by just 54,000 in August — below the forecast of 75,000 from economists polled by Dow Jones and a slowdown from the 106,000 gain in July.

The report showed a marked slowdown from the July increase of 79,000, which was revised up by 6,000. Revisions also showed a net loss of 13,000 in June.

“The labor market continues to show fatigue as businesses hold back on hiring amid uncertainty around the direction of inflation, tariffs and the strength of the underlying economy,” said Joe Gaffoglio, president and CEO at Mutual of America Capital Management.

Traders put a half-point cut in play for mid-month following the payrolls data with traders now seeing about a 10% chance of that happening, according the the CME Group’s FedWatch tool, which is based on interest rate futures trading. That’s up from a zero chance of a super-sized cut the day before. Futures data shows traders believe it’s certain the Fed will cut rates a quarter point from their current 4.25% to 4.50% range at its next policy meeting on Sept. 17.

“Overall, it was a disappointing release that will start the conversation about whether the FOMC should cut 50 bp on September 17,” Ian Lyngen, head of U.S. rates at BMO, said in a note. “We’re still in the 25 bp cut camp but will acknowledge that next week’s benchmark revisions and CPI could shift the market’s perception on the appropriateness of going a quarter-point.”