DISCLAIMER: I'm from the UK, and I mostly speak about UK academia, although I have some experience with the US also.
I think there is a difference between Grad Students, Postdocs and Tenure track profs, because they are all funded differently.
I see no reason to be optimistic about the job market for Lecturers/TT profs/others that are funded by core University money. Every university I know has a hiring freeze.
Postdocs are different because by-and-large they are not funded from university funds, but from external grants. The universities wouldn't get to keep that money anyway if they didn't spend it on postdocs. Certainly here in the UK, people still have grants, and there is no suggestion there will be fewer next year.
Some grad students are funded by universities themselves, others by outside agencies. In the UK the vast majority (9 out of the 10 students each year in my department for example), are funded by outside sources, and so they aren't going anywhere either. But I would expect to see places funded by the universities themselves drying up.