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Stock impact report

A look at economy's strengths, weaknesses as Biden sets to boast record job growth in State of Union [USA TODAY]

PNC Financial Services Group, Inc. (The) (PNC) 
Last pnc financial services group, inc. (the) earnings: 4/15 06:41 am Check Earnings Report
Company Research Source: USA TODAY
“Put simply, I would argue the Biden economic plan is working,” Biden said Friday after January's blockbuster 517,000 job gains were announced. While inflation has eased somewhat and the labor market has remained remarkably sturdy, price increases are still historically high, the housing market is in a tailspin and most economists are forecasting a recession this year. “The economy is solid but inflation is too high and recession risks are elevated,” says Gus Faucher, chief economist of PNC Financial Services Group. Here's a look at the economy's strengths and weak spots ahead of Biden's address to Congress. Strengths: Unemployment fell to 54-year low Job growth has slowed but stayed astonishingly strong despite the Federal Reserve's aggressive interest rate hikes aimed at discouraging business hiring and investment to curtail inflation. Average monthly job growth downshifted to 291,000 in the last three months of 2022 from 423,000 the previous quarter but that's still Show less Read more
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