Economic Prospects for the U.S. and Regional Economy in 2017-2018

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PNC Financial Services Group, Inc. Senior Vice President & Chief Economist Stuart Hoffman addressed the Detroit Economic Club Thursday, March 17, 2017, sharing his national and regional economic outlook for 2017-2018.

Hoffman stated that economic growth in the U.S. will be greater and more accelerated than other countries in coming years. He also discussed the Trump administration’s agenda, ranging from healthcare to tax cuts, and how federal interest rate increases, worker productivity decreases and trade wars could affect the nation’s economic growth. For Detroit, he said it will continue its recovery, lowering the unemployment rate by roughly five percent.

Overall, Hoffman is confident in the U.S. and Detroit’s economic strength. “I’m cautiously optimistic,” said Hoffman. “I recognize the uncertainties out there that exist. In the U.S., acceleration [of economic growth] will be a little bit greater. And it will partly be because of fiscal stimulus, but also partly because of greater consumer confidence.”

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