Commentary The  February jobs report printed at 678,000 new jobs, well above the consensus estimate of 400,000. That’s up from January’s 481,000 jobs. (Note that the month-to-month data for January was affected by the annual benchmarking data that was discussed in our last jobs report and that is detailed by the Bureau of Labor Statistics here.) The seasonally adjusted unemployment rate was 3.8 percent, down two-tenths of percentage point, or 20 basis points (bps), from last month.  More than 7 million people joined the labor force from February of last year, boosting the Labor Participation Rate by 80 bps. The seasonally adjusted U-6 Unemployment, at 7.2 percent, up 10 bps from January, and down 4.4 percent since last year. Average weekly wages increased just 5.43 percent. Analysis: Details and Outlook from Stuyvesant Square The February jobs report surprised most and fortified the view that the Federal Reserve is likely to …