HOUSTON, June 9, 2020 /PRNewswire/ -- The BBVA
Research team has published its unemployment insights for
May 2020, noting that the economy
appears to have reached bottom and that the recovery is
underway.
The report indicates that, in addition to lower unemployment
numbers, the labor force participation has increased in may by 60
basis points, reaching 60.8 percent. The employment-to-population
ratio rose 1.5 basis points to nearly 53 percent, up from its
lowest level on record.
Government support programs like the Small Business
Administration's Paycheck Protection Program appear to have been
effective in incentivizing rehiring even if firms are not seeing a
pickup in revenues. For example, the report notes that sectors
seeing strong job gains include construction, ambulatory health
services, retail, manufacturing and administrative and waste
services. The oil and gas sector and air transportation continue to
face headwinds, however.
Led by Nathaniel Karp, BBVA
USA's 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 USA operates. Follow their
work on Twitter @BBVAResearch and @BBVANews_USA.
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