HOUSTON, March 9, 2021 /PRNewswire/ -- According to the
latest economic analysis from the BBVA Research
team, February's unemployment figures confirm that labor
market conditions continue to improve as COVID-19 cases slow down,
vaccination rates rise and restrictions are lifted in some parts of
the U.S.
Nonfarm payrolls rose by 379,000 in February, with strong gains
in leisure and hospitality, and smaller increases in temporary help
services, healthcare and social assistance, retail trade and
manufacturing. The analysis, co-authored by BBVA Chief Economist
Nathaniel Karp and Principal
Economist Marcial Nava, notes that
nonfarm payroll in leisure and hospitality remains 3.5 million
below a year ago, accounting for 43 percent of the total gap in
private nonfarm payroll.
The report indicates the number of people not in the labor force
has remained flat for nearly six months at almost 101
million, still 5.5 million higher than 12 months ago. In addition,
the participation rate has remained practically unchanged for the
past six months at 61.4 percent. The employment-to-population ratio
ticked up 0.1 percentage points to 57.6 percent, only 0.2
percentage points higher than last October's. Both measures remain
significantly below their pre-pandemic rates of 63.3 percent and
61.1 percent.
The team's analysis concludes that in order to secure a faster
recovery, policymakers should continue provisioning ample fiscal
and monetary support. They indicate that premature removal of
either could derail the post-pandemic recovery and eliminate the
opportunity to boost the economy's long-term potential.
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