Recovery underway from Viral Recession but risks abound, according to PNC's July national economic outlook

Pittsburgh’s biggest bank issued its July national economic outlook on Wednesday, noting that activity has picked up from the April low point but still lags the pre-pandemic level in February. PNC Financial Services Group Inc. said that while consumer spending, home building, home sales, industrial production and jobs all rose during the past couple months, “increasing cases of coronavirus in recent weeks could become a drag on the economy.” Put another way, recovery from the Viral Recession…