CNBC reports that the 10-year U.S. Treasury yield topped 1.24%, ahead of the Labor Department’s highly anticipated jobs report. The yield on the benchmark 10-year Treasury note climbed to 1.242%.

The Labor Department is due to release its July nonfarm payrolls report at 8:30 a.m. ET.

Economists expect the U.S. economy to have added 845,000 jobs last month, according to estimates from Dow Jones. However, there is uncertainty in the market, as demonstrated by the broad range of forecasts — from 350,000 on the low end to 1.2 million at the top.

Employment data is key to the Federal Reserve’s decision to pare back its bond buying program, beginning the process of tightening its easy monetary policies more broadly and acting as a precursor to the raising of interest rates.