The only good part of the jobs report was the most important part of the jobs report

The March jobs report was a miss.  Nonfarm payrolls grew by just 126,000 in March against expectations for job gains of 245,000, marking the first time in 12 months that payroll gains didn't top 200,000. Moreover, job gains in January and February were both revised lower, bringing the 3-month trend of job growth below 200,000 to 197,000. But there was one bright spot in the report: wage growth.  In March, average hourly earnings rose by 0.3% month-on-month and 2.1% compared to the prior year.�...