JVB-BSullivan-Econ-Comment-010410

Broker Dealer / Institutional / Advisor Use Only January 4, 2010 ABOUT Excessive optimism in early 2010 unwarranted BILL SULLIVAN The challenges to a vigorous, self-William V. Sullivan, Jr. quite anemic by past standards, a serves as Chief Economist sustaining recovery process in the United development that will limit income growth at JVB Financial Group, States during 2010, in our judgment, are and eventually any increase in discretionary working closely with the numerous and overall growth during the consumer spending. Admittedly, the worst of firm’s trading desk, New Year is likely to disappoint investors. the layoffs are now in the past, but that providing analysis and commentary on the U.S. Indeed, as trading gets underway in the consideration is unlikely to prevent a further economy and the financial opening sessions of January, it is quite rise in the nationwide unemployment as markets. Among his duties apparent that the markets are being priced individuals reenter the labor force in greater are authoring a weekly for a very strong performance in the numbers. A jobless rate of 10.5% by mid-report on credit market domestic economy as the year progresses. trends and maintaining a year still seems possible. As unemployment regular schedule of Although the optimism is understandable, sustains its upward move, a dampening effect conference calls that focus given the bullish predilections of the Wall on household psychology would be applied, on ...