Wednesday, May 6, 2009

More signs of a bottom

The Challenger, Gray & Christmas tally of corporate layoff announcements in April dropped again, for the third straight month. Additionally, the ADP measure of job losses came in about 25% below expectations, suggesting that Friday's jobs number could be significantly better than expected, perhaps showing losses of only 500-550K instead of the expected 635K. The market's rally is supported by clear signs of improving economic fundamentals.

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