More layoffs: ADP and Challenger Gray & Christmas reports are in

Plenty of job news is in this morning, starting with the Challenger Gray & Christmas layoff data. The firm announced that layoffs from major U.S. corporations increased by 31 percent in July to 97,373. This increase is the first since January, indicating that corporate layoffs are picking up after hitting a 15-month low in June. During the first seven months of the year, 994,048 workers have been laid off -- which is 72 percent higher than the same time last year.

So, how is that market rally coming? In this backwards economic climate, this report could be the impetus for a market rally; but it shows that the job picture is worse this year than it was at the same time last year -- when our economic situation was much worse, right?