HOUSTON, Jan. 25, 2021 /PRNewswire/ -- The BBVA Research
team has published its Economic Outlook for first quarter 2021,
noting that a post-holiday surge in COVID-19 cases and a vaccine
rollout that is falling short of expectations have confirmed the
need for further stimulus.
The report, published by the BBVA Research team headed by BBVA
Chief Economist Nathaniel Karp,
continues to highlight the ongoing economic impact of the pandemic,
as well as the recent election. According to its authors, the
mining and leisure & hospitality industries continue to
struggle harder to recover compared to other industries. While the
transportation industry remains acutely impacted, higher oil prices
are supporting the oil and gas industry.
Residential real estate has been supported by low interest rates
and low supply according to the report, but commercial real estate
trends continue to be exacerbated by the pandemic. Consumer
consumption is also losing steam due to COVID-19.
The greatest source of potential economic shocks over the next
12-18 months remains political uncertainty and corporate defaults,
generating both short- and long-term uncertainties. The political
turmoil also adds to upward pressures on long-term rates, according
to the report.
The report further notes that labor force participation and
unemployment rates continue to be negatively impacted, with Black
and Hispanic Americans disproportionately impacted. Women in the
workforce also remain hard-hit by the impact of the pandemic,
according to the economic outlook.
The BBVA Research publication further delves into the new fiscal
stimulus package proposed by the Biden Administration, the economic
impact of additional components of its agenda, and
inflation.
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.
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