Stuart Hoffman

The same sectors that caused the economy to lag in southwestern Pennsylvania in 2016 could be the sectors that keep the region on pace with the national economy in 2017.

PNC Financial Services Group Chief Economist Stuart Hoffman said though the region saw growth in technology, health care and financial services jobs, other industries saw losses and the region trailed behind national trends.   

“We lost jobs, obviously, in the energy sector,” he said. Additionally, local unemployment rates rose from 5 to 6 percent in 2016, he said.

The U.S. economy is finishing 2015 on an upswing, according to Pittsburgh-based PNC Chief Economist Stuart Hoffman and he thinks that will continue into 2016.

“Wages had been stalled at around 2- to 2.25-percent [growth]. We saw a little bit of an uptick in the later half of this year, and we think we will see a little faster, bigger gain in 2016,” Hoffman said.  “Maybe where wages rise … closer to 3 percent.”

After a rough start in 2015, the nation's economy is set to end the year in a fairly strong position, PNC Chief Economist Stuart Hoffman said.

“But it clearly was a mixed picture,” Hoffman said. “If you were in manufacturing, the global economy grew more slowly, the dollar was strong. If you were in energy, it was a bad year for you."

The Federal Reserve is poised to do something it has not done in more than a decade — raise interest rates.

Despite the occasion, Aaron Leaman, chief investment officer with Pittsburgh-based Signature Financial Planning, is not recommending any rash changes. 

“This is not something that is a make or break thing for any average investor,” said Leaman. “If you are a long-term investor, looking to secure your retirement or fund your child’s education… one decision made by the fed on one day in December is not going to make or break your portfolio in either direction.”