Preheat your oven to 350°F (175°C).
Grease a 9x5 inch loaf pan with oil or non-stick spray.
In a large mixing bowl, combine flour, baking powder, baking soda, cinnamon, nutmeg, and salt.
In another bowl, whisk together sugar, oil, eggs, pumpkin puree, and vanilla extract until smooth.
Gradually add wet ingredients to the dry ingredients, mixing until just combined.
Pour the batter into the prepared loaf pan and smooth the top.
Bake for 60-70 minutes, or until a toothpick inserted into the center comes out clean.
Once done, remove from the oven and let it cool in the pan for 10 minutes before transferring it to a wire rack.
While the bread cools, prepare the cream cheese frosting by beating cream cheese and powdered sugar together until smooth.
Add milk to the frosting one tablespoon at a time until desired consistency is reached.
Spread the cream cheese frosting generously over the cooled pumpkin bread.
Slice, serve, and enjoy your delicious pumpkin bread!