Economic Reports

Our economists provide analyses and forecasts of national, regional and global economic and financial trends.

National Economic Outlook
Economic Reports
Our Economists
Contact Us

National Economic Outlook

2021 PNC Corporate Responsibility Report

Latest National Economic Outlook Report

PNC's National Economic Outlook provides analysis and forecasts of key U.S. economic variables.

National Economic Outlook Report

Economic Reports

Another Solid Month of Retail Sales Growth in December - 01/16/2025
Initial Claims Rose to 217K in the Week Ending January 11, Reversing the Previous Holiday Week Decline - 01/16/2025
CPI Inflation Accelerated in December 2024, Up 0.4% for the Month and 2.9% Year-over-Year - 01/15/2025
PPI Inflation Decelerated to 0.2% in December 2024, Up 3.3% for the Full Year - 01/14/2025
Very Strong Jobs Report to End 2024 With Job Growth of 256,000, a Small Drop in the Unemployment Rate, and Softer Wage Growth - 01/10/2025
FOMC Minutes Suggest December Rate Cut Was a Closer Call Than Thought, With More Gradual Easing in 2025 - 01/08/2025
Initial Claims Fell to 201K in the New Year Week; The Job Market Ended 2024 in a Strong Position. - 01/08/2025
ISM Services Rides Holiday Spending Trends to 54.1 Result in December 2024 - 01/07/2025
US Trade Deficit Broadened In November; Trade Will Likely Be a Drag to Growth in the Fourth Quarter - 01/07/2025
Total Construction Spending Flat in November as Yearly Pace Continues To Drop - 01/02/2025
Initial Claims Plunged in Late-December, More Than Reversing the Rise in the Three Previous Weeks. The Job Market was Solid as 2024 Came to an End. - 01/02/2025
U.S. House Price Growth Continued to Slow in October as Low Affordability Remains a Problem - 12/31/2024
Moderate Growth in Consumer Incomes and Spending in November, With Low Inflation - 12/20/2024
Leading Economic Index Increased in November for the First Time Since Early 2022 - 12/19/2024

BOJ Hikes Rates in Contrast to Cuts at Other Central Banks, Unsettling Global Financial Markets - 08/09/2024
Fed and BoE Expected to Hold Rates Steady Amid Ongoing Inflation Concerns - 03/15/2024
FOMC Participants Anticipate Another Rate Hike, While Cautiously Monitoring Incoming Data Amid Rising Uncertainties - 10/16/2023
Fed and ECB Continue Hiking Cycle as BoJ Adjusts Yield Curve Control Policy - 08/07/2023
Fed and ECB Expected to Raise Interest Rates This Week While BoJ Will Keep Policy Unchanged - 07/24/2023
U.S. Housing Starts Jump in May; BoE Set to Lift Bank Rate by 25bps This Week - 6/21/2023
Fed Expected To Pause Hiking Cycle This Week; Eurozone Enters Mild Recession - 6/12/2023

PNC's National Economic Outlook provides analysis and forecasts of key U.S. economic variables, such as real GDP, interest rates, inflation, income, employment, industrial production and house prices.

Read the Current Report – December

Previous Reports – September | July | June

PNC's Market Expectation Survey lists the current consensus forecast for key economic data releases for the upcoming week, as well as PNC's own forecast for each item. A comprehensive calendar listing recent data for key economic indicators is provided on the second page.

View latest Market Expectations Survey Report

Exchange Rate Forecasts - Second Quarter 2023

Currency Review - January 2025

China - Second Quarter 2023

Metals Industry Report - First Quarter 2025 

Published semi-annually, PNC's survey of small and mid-size business owners' expectations for their own businesses' performance, and their outlook for the national and regional economies are described in detail (available in March and September).

Explore Latest Findings

United States

Board of Governors of the Federal Reserve

St. Louis Federal Reserve Bank – FRED

Economic Indicators – CEA – White House

Bureau of Economic Analysis

Bureau of the Census

Bureau of Labor Statistics

International

The World Factbook

U.S. State Department

International Trade Data – U.S. Census Bureau

Trade and Data Analysis – International Trade Administration

Foreign Governments Resources, University of Michigan

International Monetary Fund

World Bank Group

Regional

Federal Reserve Districts

Federal Reserve Board – Beige Book

State Data Center Sites

Additional Resources

American Economic Association

National Association for Business Economics

Meet Our Economists

Augustine Faucher

Senior Vice President & Chief Economist

View Bio

Stuart G. Hoffman

Senior Vice President & Senior Economic Advisor

View Bio

Kurt J. Rankin

Vice President & Senior Economist

View Bio

Ershang Liang

Economist

View Bio

Contact Us

Economists

Economics Department
The PNC Financial Services Group, Inc.
300 Fifth Avenue
The Tower at PNC Plaza
Pittsburgh, PA 15222-2401

economics@pnc.com

News & Insights

Running Your Business

Business Leaders Optimistic About Economy and Business Prospects

PNC survey reflects anticipated growth despite lingering concerns on inflation

3 min read

View More Insights