US Treasury yields edged slightly higher on Friday as investors weighed market shifts following a week of global bond selling, while awaiting the release of critical employment data.

The benchmark 10-year Treasury yield was last up by less than 1 basis point at 5.243%. On Thursday, it had climbed to a multi-year high before pulling back. The 30-year Treasury yield rose more than 1 basis point to 5.618%, having touched its highest level in 24 years in the previous session. The 2-year Treasury yield was essentially flat at 4.787%.

Snapshot of rates: 10-year Treasury: 5.23%, -0.004. 1-month Treasury: 3.966%, +0.015. 1-year Treasury: 4.454%, +0.02. 2-year Treasury: 4.783%, -0.004. 30-year Treasury: 5.603%, unchanged. 3-month Treasury: 4.108%, +0.019. 6-month Treasury: 4.275%, +0.001. Note: 1 basis point equals 0.01%; bond yields and bond prices move in opposite directions.

After this week's heavy sell-off, pressure on sovereign bonds in other parts of the world eased, with 10-year government bond yields in major European economies falling by about 3 basis points.

The recent rise in yields stems from concerns over persistently high inflation, combined with hawkish signals from central banks, leading markets to broadly expect interest rates to stay elevated for a longer period.

On Friday morning, the US will release its September employment report, and investors are watching this data closely. The consensus estimate surveyed by Dow Jones calls for 84,000 new jobs and the unemployment rate to remain unchanged at 4.1%.

Analysts at Deutsche Bank said in a Friday research note: "The monthly employment report is always a macro focal point, but this one is particularly critical. Sustained resilience in employment data is an important factor supporting US risk assets, while also creating room for the Federal Reserve to resume rate hikes."

According to CME's FedWatch tool, traders are currently pricing in a 72% probability that the Federal Reserve will keep rates unchanged at its October meeting.