PNC Economics Research

Tariff Update: More Durable Tariff Regime, Not a Bigger One

The U.S. Trade Representative announced a new set of tariffs that replace the expiring Section 122 tariffs,

24 July 2026 | Brian LeBlanc 

Core CPI suprisingly contracts, weakening the case for rate hikes

Core CPI came in significantly below expectations in June, declining 0.02% on the month.

14 July 2026 | Brian LeBlanc, Rayhan Momin

Softer Job Growth in June, Small Drop in Unemployment Rate

The U.S. economy added 57,000 jobs in June, well below expectations. There were also downward revisions to job growth in April and May.

2 July 2026 | Gus Faucher

Consumer Health Check

Using PNC’s proprietary data to illuminate trends and risks shaping U.S. consumer health.

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Data Releases

Initial Jobless Claims Declined to the Lowest Level Since September 1969

Initial jobless claims declined by 22,000 to 187,000 in the week ending July
18.

July 23 2026 | Jay Hawkins

The Conference Board Leading Economic Index Fell in June

The Conference Board Leading Economic Index (LEI) slipped 0.2% in June.

July 20 2026 | Jay Hawkins

Industrial Production Up Modestly in June, With Manufacturing Flat

Industrial production rose 0.1% in June, with manufacturing output flat.

July 17 2026 | Gus Faucher

Volatile Multifamily Drives Big Jump in June Housing Starts

Total housing starts jumped 19% in June after tumbling 15% in May and 7% in
April. On a year-over-year basis starts were up 3.5%.

July 17 2026 | Ershang Liang

Consumer Sentiment Improved Further in July but Remains Low

Consumer sentiment rose to 54.4 in the preliminary July print from 49.5 in
June.

July 17 2026 | Jay Hawkins

Unemployment Insurance Claims Decline, Underscoring Labor Market Resilience

Initial claims remain near historically low levels, signaling limited layoff
activity.

July 16 2026 | Kurt Rankin

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