MA’s Joel Prakken Quoted in CNN Money

MA’s Joel Prakken was quoted in the article, “Trump’s old school: His immigration plan would kill 4 million jobs” by Patrick Gillespie with CNN Money (excerpts shown below). “If Trump’s policies were implemented on immigration…in terms of the economics effects, it would be devastatingly bad,” says Joel Prakken, an economist and managing director at Macroeconomic Advisers, a forecasting firm in St. Louis. Prakken argues Trump’s immigration policies would shrink the labor force, weigh down growth and fumble an opportunity to create a visa program that would meet the needs of U.S. companies short on skilled workers. The debate with Clinton’s policies is that some believe she would add millions more jobs than would be gained under current policies, while other economists don’t see her moving the needle much on jobs and growth. Still, when considering either candidates’ ability to add jobs, look no further than immigration policy, experts say. “The principle difference … Continue Reading

MA’s Monthly GDP Measure Flat in June

Monthly GDP was flat in June following a 0.8% decline in May (revised down from 0.0%). Previous months were also revised, reflecting the annual revisions to the NIPA’s; the broad contours of the recent monthly GDP profile were little changed. The flat reading in June reflected increases in domestic final sales and nonfarm inventory investment that were essentially offset by a decline in net exports. The level of GDP in June was 1.0% below the second-quarter average at an annual rate. Our latest forecast of 2.9% GDP growth in the third quarter is consistent with increases in monthly GDP during the third quarter that average 0.4% per month (not annualized).   Click here for more information on MA’s Monthly GDP measure.