The Labor Department reports 175,000 jobs were created last month, fewer than expected: wage growth was also lower; stocks rise on the news; Treasury Secretary Janet Yellen says democracy is under threat.

The bond market is surging after news that 175,000 people were in payrolls in April versus March. That’s less than expected and 44% lower than a month earlier. And it’s the sort of result that those anxious about elevated interest rates want to see. We’ll discuss. Also on the program: Nonprofit...