Strong job creation supported by vaccination, reopening and massive tax support
HOUSTON, April 7, 2021 / PRNewswire / – According to the latest economic analysis released by the BBVA Research Team, March’s unemployment figures remain stubbornly high despite strong employment increases, falling to 6 percent for the month.
The non-farm payroll increased by 916,000 in March, a significant increase from recent months and the largest since August 2020. The increase reflects the significant contributions of recreation and hospitality, government, construction, education and health services. The employment situation was also boosted by upward revisions to the January and February reports of 67,000 and 89,000 respectively, according to the analysis co-authored by BBVA’s chief economist. Nathaniel Karp, senior economist Marcial Nava and economist Adrien casillas.
The vast majority of sectors experienced moderate employment growth and any decrease was comparatively negligible. Almost 70 percent of the increase in the total non-farm payroll was shared between recreation and hospitality, government, construction, and education and health services. The growth of these industries represents the combined impact of several forces: the universal distribution of vaccines; a flattening of Covid-19 cases, a recovery from extreme winter conditions, the easing of restrictions in many places and the American Rescue Plan Act.
The team’s analysis concludes that, despite the strong March results, the labor market is far from pre-pandemic levels. Significant employment growth is expected to continue, although it may take several quarters to achieve a full recovery.
BBVA the United States The research team analyzes the US economy and the Federal Reserve’s monetary policy. For its analyzes, economists create models and forecasts of growth, inflation, monetary policy and industries.
Read the full report here.
See the complete library of BBVA Research publications here.
For more financial information on BBVA in the United States, visit bbvausa.investorroom.com.
BBVA (NYSE: BBVA) is a global customer-centric financial services group, founded in 1857. The Group occupies a leading position in the Spanish market, is the largest financial institution in the Mexico, it has leading franchises in South America and the Sunbelt region of United States. She is also the largest shareholder of Turkey BBVA guaranteed. Its objective is to open up opportunities for everyone, according to the real needs of our clients: to provide the best solutions, to help them make the best financial decisions, thanks to a simple and practical experience. The institution is based on solid values: the customer comes first, we think big and we form a single team. Its responsible banking model aspires to a more inclusive and sustainable society.
BBVA United States
In the United States, BBVA is a Sunbelt-based financial institution that operates 641 branches, of which 330 are in Texas, 89 in Alabama, 63 inches Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 U.S. commercial banks in terms of deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the United States, BBVA was 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 created during the United States. ‘fiscal year 2018.
SOURCE BBVA United States