Word: prakken
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...other lines of work. Consumers can put off buying a new car or going on vacation. But most people will still continue to pay their mortgage, write checks and deposit money at the bank. "The fact that the financial-services industry is declining this much is startling," says Joel Prakken of research firm Macroeconomic Advisers, which puts together ADP's employment report...
...billion Americans borrow from abroad--each day--to support their big appetite for foreign stuff. Result: this year's current-account deficit, which measures the gap in both trade and investment flows, is headed for $300 billion, up from $155 billion in 1997. That is worrisome to Joel Prakken, chairman of Macroeconomic Advisers, a St. Louis, Mo., forecasting firm, who says, "U.S. indebtedness is growing more than three times faster than the economy, and that can't be sustained...