HOUSTON, May 21, 2020 /PRNewswire/ -- The BBVA
Research team has published its Economic Outlook for second quarter
2020, offering a look at how the U.S. economy might recover in a
post-COVID world.
The report provides a high level view of the country's efforts
to find a balance between bringing the economy back to normal while
keeping its residents safe. The economists, who authored the
expansive report together, indicated that it expects to see ongoing
social distancing, workforce-protection controls, and case-based
interventions (testing, contact tracing, self-isolation, etc.),
which may become more or less strict depending on the rate of
infection and the operating capacity of the healthcare system.
The quarterly outlook delves into the continuing impact of the
pandemic on the U.S. labor market, as more than 30 million people
have filed for unemployment. In addition, the report contains a
comprehensive view of the role of the Fed and monetary policy on
the U.S. economy along with a perspective on policymakers' efforts
to mitigate the healthcare, social and economic costs of the novel
coronavirus. These include a series of four different relief
measures beginning in early March.
The report further offers insights into the current housing
market, for both existing homes and new construction, noting that
the initial indication of the severity and the speed of the
downturn came from the homebuilders housing market index reading in
April, showing a decline of 42 points from March's level. This was
the steepest single-month decline in the history of the series,
implying that single family construction activity will decline by
30 percent.
Led by Nathaniel Karp, BBVA
Compass' research team analyzes the U.S. economy and Federal
Reserve monetary policy. For its analyses, the economists create
models and forecasts for growth, inflation, monetary policy and
industries. The Economic Research team also follows a variety of
issues that affect the Sunbelt states where BBVA Compass operates.
Follow their work on Twitter @BBVAResearch and
@BBVACompassNews.
Read the full report here.
See the complete library of BBVA Research publications here.
For more BBVA news visit, www.bbva.com and the U.S.
Newsroom.
Additional news updates can be found via Twitter and
Instagram.
For more financial information about BBVA in the U.S., visit
bbvausa.investorroom.com.
About BBVA
BBVA Group
BBVA (NYSE: BBVA) is a customer-centric
global financial services group founded in 1857. The Group has a
strong leadership position in the Spanish market, is the largest
financial institution in Mexico,
it has leading franchises in South
America and the Sunbelt Region of the United States. It is also the leading
shareholder in Turkey's Garanti
BBVA. Its purpose is to bring the age of opportunities to everyone,
based on our customers' real needs: provide the best solutions,
helping them make the best financial decisions, through an easy and
convenient experience. The institution rests in solid values:
Customer comes first, we think big and we are one team. Its
responsible banking model aspires to achieve a more inclusive and
sustainable society.
BBVA USA
In the U.S.,
BBVA is a Sunbelt-based financial institution that operates 641
branches, including 330 in Texas,
89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25
largest U.S. commercial banks based on deposit market share and
ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been
recognized as one of the leading small business lenders by the
Small Business Administration (SBA) and ranked 8th nationally in
terms of dollar volume of SBA loans originated in fiscal year
2018.
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SOURCE BBVA USA