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Treasury yields skyrocketed on Friday as the November jobs report showed the U.S. economy added more jobs than expected.

The yield on the 10-year Treasury added 8 basis points to 3.64%. On Thursday, it declined by as many as 19 basis points. The 2-year Treasury yield surged 14 basis points to 4.41%.

Yields and prices move in opposite directions, and one basis point is equivalent to 0.01%.

Nonfarm payrolls soared 263,000 for the month while the unemployment rate stood at 3.7%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for an increase of 200,000 in the payrolls number and 3.7% in the jobless rate.

In another blow to the Fed’s anti-inflation efforts, average hourly earnings gained 0.6% for the month, double the Dow Jones estimate. Wages were up 5.1% on a year-over-year basis, also well above the 4.6% expectation.

BMO’s head of U.S. rates, Ian Lyngen, called the jump in average hourly earnings the most surprising detail in the report.

“Overall, this is a report that solidifies 50 bp from the FOMC in less than two weeks -- with the wage data and unanticipated drop in participation reinforcing the case for a longer period in restrictive territory in 2023 (and possibly beyond),” Lyngen said.

The central bank has been trying to tame inflation through interest rate hikes and has raised rates by 75 basis points at each of its last four meetings.

Fed officials have indicated that the rate hikes pace could slow down soon, and markets are now expecting the central bank to implement a 50 basis point rate hike at its December meeting.