Economic Prospects for the U.S. and Regional Economy in 2019-2020
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PNC Financial Services Group SVP and Senior Economic Advisor Stuart Hoffman predicted slow growth as the most likely economic pattern to continue for the balance of 2019 and into 2020 during his remarks Tuesday at the Detroit Economic Club meeting.
Hoffman has followed economic cycles for almost 40 years. He predicted that The Fed will resist the urge to lower interest rates later this year, and instead, anticipates status quo lending rates. Hoffman predicted American consumers will infuse the economy with spending.
Despite some persistent worries by some economists over a possible recession, Hoffman’s reassuring forecast explains that “the growth hasn’t expired.”
“While wages and confidence are going up, I am counting on you and me, the American consumer to move the economy forward.”
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Executive VP & Regional President, Detroit & S.E. Michigan