Investors should take profits on bets that Treasury 10-year notes would fall, based trading patterns and amid signs the economy is improving more slowly than projected, according to JPMorgan Chase & Co.

Yields on the benchmark notes rose three basis points last week, or 0.03 percentage point. A daily jump on July 30 that followed a stronger-than-estimated reading on gross domestic product was pared by a drop on Aug. 1 following a weaker-than- forecast U.S. jobs report.

Ten-year yields have increased in the week before the monthly employment data “in a well-defined intra-month pattern,” only to fall an average 11 basis points in the three weeks after the report, JPMorgan analysts including Jay Barry, Devdeep Sarkar and Bruce Sun in New York wrote in a client note Aug. 1.

“We find nothing to dislodge this cyclical pattern over the near term,” they said.

The yields fell seven basis points Aug. 1 after the Labor Department reported U.S. employers added 209,000 jobs in July, versus a 230,000 gain forecast by economists in a Bloomberg survey.

The U.S. economy grew at a 4 percent annualized rate in the second quarter, Commerce Department data showed on July 30. A separate Bloomberg survey forecast a 3 percent rise. Ten-year yields climbed 10 basis points.