In US, the unemployment rate reached its highest point since 1993, and overall employment fell by more than a half million jobs. Quite simply, there was nothing good in this report. As the stock market is typically leading the general economy for 6 months ahead, the worst is yet to come.
However, we need to remember that the fundamentals will still be horrible and appearing to get worse when the market starts up. Just as at the high in October 2007 the fundamentals looked good ahead according to Bernanke at least. So, the number will remain negative at the bottom, but the trend will tick upward.
In Canada, 70600 jobs lost last month, the worst single-month drop since 1982, and unemployment rate hits 6.3%. Ontario shed 66000 workers, and two-thirds of them are in factory jobs.