Corporate profits are sky-high, Wall Street is on an historic winning streak – and President Obama must be extremely grateful that commentary about his framework nuclear deal with Iran sucked up all the media oxygen so that the terrible jobs report that came out on Friday was largely ignored. Zero Hedge gives us the macro view: So much for yet another "above consensus" recovery, and what's worse it is, well, about to get even worse, because while the Fed keeps baning some illusory drum that slack in the economy is almost non-existent, the reality is that in March the number of people who dropped out of the labor force rose by yet another 277K, up 2.1 million in the past year, and has reached a record 93.175 million. Indicatively, this means that the labor force participation rate dropped once more, from 62.8% to 62.7%, a level seen back in February 1978, even as the BLS reported that the entire labor force actually declined for the second...(Read Full Post)