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The Journal Gazette

Thursday, November 08, 2018 1:48 pm

PNC analyst: National, local economies to flourish in 2019

SHERRY SLATER | The Journal Gazette

A PNC economist expects the national and local economies will flourish in 2019.

"Fort Wayne is actually doing much better than other cities in Indiana," Abbey Omodunbi said. "The Fort Wayne economy benefits from a huge diversity of industries."

Omodunbi, assistant vice president and economist for The PNC Financial Services Group, will share his forecast today with an invitation-only audience at Sweetwater Sound. About 120 clients and prospective clients are expected to attend the PNC Economic Forum.

Demand for vehicles, especially pickup trucks, remains strong, which should keep Allen County's General Motors assembly plant -- and its suppliers -- humming, he said.

Omodunbi expects the Federal Reserve will raise interest rates in December and twice next year. He thinks home sales will slow and credit card default rates will increase as a result.

Tuesday's midterm election results are not expected to have a meaningful effect, however.

"We feel like not much is going to change in Congress," he said, speaking on behalf of Pittsburgh-based PNC.

For more on this story, see Friday's print edition of The Journal Gazette or visit after 1 a.m. Friday.