U.S. government debt yields jumped on Friday after the government's monthly jobs report showed the U.S. economy creating jobs at a much faster pace than Wall Street expected. Wage growth also rose more than expected.

At 9:11 a.m. ET, the yield on the benchmark 10-year Treasury note which moves inversely to price, jumped 6 basis points higher to 2.627 percent, while the yield on the 30-year Treasury bond rose 6 basis points to 2.955 percent. The 2-year yield climbed to 2.453 percent.

The Labor Department said the U.S. economy added 312,000 positions in December and the unemployment rate rose to 3.9 percent. The jobless rate rose as 419,000 new workers entered the workforce and the labor force participation rate increase to 63.1 percent.

Source: FactSet

Wages jumped 3.2 percent from a year ago, gaining 11 cents between November and December, an increase of 0.4 percent. That gain was larger than the 0.3 percent increase Wall Street economists expected.

Short-term yields, which are sensitive to changes in Federal Reserve policy, rose more than yields on long-term debt, suggesting to some that the hotter wage number could make the central bank more secure in its decision to increase in the federal funds rate. Bank of America economist Michelle Meyer said that while it's unlikely that one month of data will sway Fed policymaking, such a strong print likely affords some officials a "sigh of relief."

"I don't think it confirms that [the Fed] will be able to go ahead with the two-hike scenario they've forecasted, but the fact that the labor market has held up so strong thus far is obviously a good sign and allows them to feel more comfortable," she said.