NEW YORK, Nov 3 (Reuters) - U.S. Treasury debt prices rose on Thursday morning as unit labor costs unexpectedly declined in the third quarter, giving the Federal Reserve breathing room to carry out its "measured" increases in short-term interest rates.
Unit labor costs, a closely watched measure of job market inflation, fell 0.5 percent in the third quarter, the government said. Economists had expected costs to rise 2.0 percent. The government also revised down a rise in second-quarter unit labor costs to 1.8 percent from a preiously reported 2.5 percent increase.
Benchmark 10-year Treasury notes rose 5/32 for a yield of 4.59 percent, compared with 4.61 percent on Wednesday.
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