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PNC National Economic Outlook - End of May 2023

Michigan Business Network
May 31, 2023 5:00 PM

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The latest PNC National Economic Outlook is available here.

PNC Chief Economist Gus Faucher offers the following notes as highlights from the outlook:

  • The agreement between the Biden administration and House Republicans takes the risk of a debt limit breach and U.S. Treasury default off the table.
  • The agreement constrains federal spending growth, but the economic impact will be minimal.                                                                                  
  • PNC’s forecast remains for a mild recession starting later this year, due to the cumulative impact of tighter monetary policy. A recovery should start in the first half of 2024 as the Fed begins to cut interest rates.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

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Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.