Yields sink as investors focus on government employment report

Interest rates fall in bond market after jobs data

CHARLOTTE, N.C. — Interest rates are falling in the bond market after a private sector report provided a surprising reminder that the job market remains weak.

Payroll company ADP said Wednesday that employers slashed 23,000 jobs in March. That’s worse than the 40,000 jobs economists expected to be added during the month.

The news, which comes just days before the release of key jobs data from the government, spurred many investors to sell stocks and seek out the safety of government securities.

The yield on the benchmark 10-year note maturing in February 2020 fell to 3.83 percent in afternoon trading Wednesday from 3.86 percent late Tuesday. Its price rose 8/32 at 98 10/32. The yield of the 10-year note is linked to interest rates on mortgages and other consumer loans.