JVB-BSullivan-Econ-Comment-100509

Broker Dealer / Institutional / Advisor Use Only October 5, 2009 ABOUT You can’t spin this one BILL SULLIVAN The financial markets reacted calmly to William V. Sullivan, Jr. the average monthly decline in household serves as Chief Economist the news that non-farm payrolls fell more employment registered 690,000 workers. at JVB Financial Group, than expected during the month of Conceivably, even more disappointing working closely with the September. Indeed, during last Friday’s was the surprising weakness in the hours firm’s trading desk, trading session, the prices of long-term worked series. The private workweek fell providing analysis and commentary on the U.S. Treasury debt actually declined while the one-tenth of an hour to 33.0 hours, the all-economy and the financial broad equity averages more or less held their time low for this measure that was markets. Among his duties own. Based upon that performance, it is established during the second quarter. Both are authoring a weekly quite apparent that investors effectively the manufacturing workweek and overtime report on credit market discounted in advance the decline in jobs trends and maintaining a hours in the factory sector fell as well, regular schedule of that was reported for the previous month. pointing toward broad-based weakness for conference calls that focus While that judgment per se may prove the economy during September. At the same on interest rate accurate, we seriously doubt ...