NVEPC Virtual Membership Meeting: Fragile U.S. and Global Economic Recovery from the Consequences of the Viral Pandemic
Join us on Tuesday, September 22, 2020, for our virtual membership meeting, "Fragile U.S. and Global Economic Recovery from the Consequences of the Viral Pandemic."
Connection details will be emailed to registrants one day prior to the event.
About the Presentation:
After strong job growth in May and June, the U.S. economy has entered a fragile recovery from the consequences of the COVID-19 pandemic. But risks are still heavily weighted to the downside. Stuart Hoffman will discuss the ongoing recovery from the very severe but short economic recession that will primarily depend on the course of the pandemic and treatment/vaccine breakthroughs. Further monetary and fiscal policy stimuli are absolutely necessary to support the U.S. and global economies during this economic recovery process.
PNC forecasts that the U.S. economy will continue to recover in the second half of 2020, though perhaps with some bumps in the road along the way, but that the unemployment rate will stay very high through year-end and only return to a more normal mid-single digit level by the end of 2021. But if downside risks are realized, the U.S. could see the recovery stall or even see a return to contraction in the second half of this year. Of course, the outcome of the U.S. elections in November will have a significant impact on the U.S. economy in 2021 and beyond.
Stuart G. Hoffman is the Senior Economic Advisor for The PNC Financial Services Group. In this role, Hoffman works with PNC clients to provide expert analysis and forecasts for national, regional and global economic and financial trends.
Prior to being named to his new role in April 2017, he served as PNC’s chief economist and was the principal spokesperson on all economic issues. Hoffman has been recognized as one of the most accurate economic and interest rate forecasters in the prestigious Wall Street Journal economic survey covering the 1988 to 2016 period.
Hoffman joined PNC in 1980 after a six-year tenure with the Federal Reserve Bank of Atlanta. He became vice president and senior economist for PNC in 1987 and was elected senior vice president and chief economist in 1991. He has been frequently quoted in The Wall Street Journal, The New York Times, Financial Times and Barron’s. He was a regular guest on CNBC and Bloomberg TV. In addition, he was regularly interviewed by the Associated Press, Reuter’s news wire services and NPR.
Hoffman is past president and lifetime member of the American Bankers Economic Advisory Committee, which meets regularly with the Federal Reserve Board of Governors chaired by Jay Powell. He also serves on the board of directors of The Economic Club of Pittsburgh, the local chapter of the National Association for Business Economics (NABE), and VisitPITTSBURGH. Hoffman is a member of the University of Cincinnati Foundation board of trustees.
Hoffman is a 1971 graduate of Pennsylvania State University. He received a master's degree in 1973 and a doctorate degree in economics in 1975, both from the University of Cincinnati, where he was a Charles Phelps Taft Memorial Fellow. In 2004, the University of Cincinnati honored him as a Distinguished Alumnus and in 2011 presented him with The Carl Lindner Award for Outstanding Business Achievement.