Hope on the jobs front?

The ADP Employment report for April was just released and the numbers came in better than expected. The economy shed 491,000 jobs last month, according to ADP. That compared with a revised -708,000 reading for March and expectations for a -645,000 print. A separate report on layoffs from Challenger, Gray & Christmas showed that companies announced 132,590 job cuts in April. That was up 47.3% from a year earlier, but down from 150,411 in March.

Some hope on the jobs front? Certainly the numbers are bad, but somewhat less bad than we've been seeing recently. Bond futures are down about 11/32 as I write. Ten-year yields are pushing 3.18%.