The 10-year Treasury yield climbed on Friday even after jobs report for December showed an unexpected loss.

The yield on the benchmark 10-year Treasury note gained 5 basis points to 1.124%, its highest level since March 30. The yield on the 30-year Treasury bond also rose 4 basis points to 1.893%, a level last seen in March. Yields move inversely to prices.

The Labor Department reported Friday that nonfarm payrolls fell by 140,000 in December amid a worsening pandemic. The number came in below expectations for 50,000 from economists surveyed by Dow Jones, and it also marked the first job loss since April. The unemployment rate was 6.7% in December, compared to the 6.8% estimate.

The biggest hit has come in the hospitality industry, where hotels, restaurants and bars suffered under fresh lockdown restrictions. Hospitality is down 3.9 million jobs since January, a 23.2% drop, the Bureau of Labor Statistics report showed.

"It has never been more true that the path of the economy depends on the course of the virus, and right now, new Covid outbreaks across the nation are threatening to bring the economy down with it," Chris Rupkey, chief financial economist at MUFG, said in a note.

Investors are betting that the disappointing jobs report will increase the likelihood for additional fiscal stimulus.

The rise in bond yields also came after Federal Reserve Vice Chairman Richard Clarida said he expects the central bank to maintain the pace of its asset purchases through the balance of 2021.

The central bank is currently buying at least $120 billion in month, split between a minimum $80 billion in Treasurys and $40 billion in mortgage-backed securities. 

The benchmark Treasury yield has been rising on the back of more political clarity this week, following a projected victory for the Democrats in this week's runoff elections for Georgia's two Senate seats. The 10-year rate broke above 1% for the first time since March earlier this week.

This gives the Democrats unified control of Congress and the White House, as President-elect Joe Biden comes to office, giving him a better chance of accomplishing his legislative agenda.

Biden's election victory was confirmed by Congress early Thursday, after supporters of incumbent President Donald Trump stormed the U.S. Capitol building on Wednesday. Trump then finally conceded on Thursday, admitting that Biden's administration would take charge on Jan. 20.

There are no auctions due on Friday.

— CNBC's Patti Domm contributed to this report.