The Federal Reserve is poised to cut rates at its September meeting, but there is still debate as to how much they will cut by.

PNC Financial Services Group Chief Economist Gus Faucher gives his takeaways from the latest economic data — including the July Personal Consumption Expenditures report and the second quarter GDP revision. Faucher says, "we are seeing continued economic growth in the summer of 2024, but growth is slowing and that's a good thing."

Gus also discusses his outlook for the upcoming August jobs report and how that will impact the Fed's next interest rate decision in September. Faucher noted that "a 50 basis-point cut would actually work against the economy," but it could happen if the July jobs report is much weaker than expected.

Watch the video above to hear Faucher's take on latest economic data and what's happening with the consumer.

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This post was written by Daniel A. Nelson