TREASURIES-Bonds gain after soft manufacturing data

* Weak U.S. industrial output, Empire State boost bonds

* Expectations for year-end rate hike intact

* Few fresh flows into Treasuries, trader says.

NEW YORK, May 15 (Reuters) - U.S. Treasury debt prices rose on Thursday, after signs of softness in manufacturing and the labor market hinted the economy continued to weaken.

However, the bond market retained its newfound conviction that stubborn inflation pressures will force the Federal Reserve to start hiking rates by the end of the year.

That shift in bond investors' perceptions about the Federal Reserve has pushed up the two-year note's yield to four-month highs around 2.60 percent earlier this week.

The 2-year Treasury note's price was up 3/32 for a yield of 2.48 percent <US2YT=RR>, versus 2.54 percent late Wednesday.

"Treasuries have gained because the the Empire State manufacturing report was actually down, while continuing claims rose," said Sean Murphy, Treasuries trader with RBC Capital Markets in New York.