Commentary The  March jobs report printed at 431,000 new jobs, below the consensus estimate of 490,000.  That’s down from the blockbuster February number, which was revised up to 750,000 new jobs. The seasonally adjusted unemployment rate ticked down to 3.6 percent from 3.8 percent, or 2/10ths of a percentage point—or 20 basis points (bps)—from last month.  Nearly 4 million more people joined the labor force from March of last year, and over 7 million more found jobs since March of last year, boosting the Labor Participation Rate by 90 bps to 62.4 percent from 61.5 percent, year-on-year. The seasonally adjusted U-6 Unemployment, at 6.9 percent in March, is down from 7.2 percent in February, and down 3.8 percentage points since March of last year. Average weekly wages increased, nominally, just 4.65 percent, year-on-year, but just slightly over 1 percent relative to the trimmed mean index of Personal Consumption Expenditures, which …