Summary
The document is a Beige Book economic report published by PNC Economics Research on April 15, 2026. It outlines the economic conditions in the United States during the spring, noting weak growth across most regions and increased uncertainty due to military actions involving Iran. Consumer spending showed slight improvement, while employment growth remained weak, with varying impacts from artificial intelligence on hiring practices. Price pressures were noted to have increased, particularly in energy and related sectors, influenced by the conflict in the Middle East. The report details mixed economic performance across different districts, with some experiencing growth and others facing declines. It highlights the cautious approach businesses are taking regarding investment and hiring due to the prevailing uncertainties. The labor market is described as stable, with modest wage growth and low turnover. The Beige Book aligns with PNC's forecast for slower economic growth in 2026, projecting real GDP growth below 2%.
