Here are the top takeaways from PNC Chief Economist Gus Faucher:

• The U.S. economy is growing strongly in mid-2020. Job growth picked up in May, and the unemployment rate continues to decline. 

• The labor force is much smaller than it was before the pandemic, causing temporary labor shortages in some industries.

• There are also shortages of some goods and services due to strong demand and a slower recovery in supply. 

• These problems should resolve through the rest of 2021 as businesses adjust and the unemployed return to the workforce. 

• Economic growth will be very strong throughout 2021 and 2022.

PNC’s June National Economic Outlook is available for download here.

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.