U.S. government debt prices were higher on Friday as investors digested a weak jobs report. The yield on the benchmark 10-year Treasury notes , which moves inversely to price, was lower at around 2.152 percent, while the yield on the 30-year Treasury bond was also lower at 2.804 percent. The two-year yield, meanwhile, slipped to 1.286 percent.

The U.S. economy added 138,000 jobs in May, well below the consensus number of 185,000. Nevertheless, the unemployment rate decreased to 4.3 percent from 4.4 percent.

The report comes amid hopes that the U.S. economy will accelerate after an anemic first quarter that saw GDP increase just 1.2 percent. President Donald Trump has promised his pro-growth agenda will ignite an economy that has shown steady but slow growth since the end of the Great Recession.

Luke Hickmore, senior fixed income investment manager at Aberdeen Asset Management, said the report "raises more questions than it answers. Are we in the beginning of a slowdown?"

"The big question is what happens with fiscal stimulus and Trump," Hickmore added. "The [Federal Reserve's] normalization path is dependent on how much stimulus we get moving forward."

Yields have pulled back from where they began the year as questions about what fiscal stimulus from the White House would look like. In a Thursday speech, Trump said a Republican tax-reform bill that "is moving along in Congress," though Congress is not yet considering a tax plan.

—CNBC"s Patti Domm, Jeff Cox and Fred Imbert contributed to this report.