HOUSTON, April 7, 2021 /PRNewswire/ -- According to
the latest economic analysis published by the BBVA Research
team, March's unemployment figures remain stubbornly high
despite strong increases in employment, dropping to 6 percent for
the month.
Nonfarm payrolls rose by 916,000 in March, a significant
increase compared to recent months and the largest since
August 2020. The increase reflects
large contributions from leisure and hospitality, government,
construction, education and healthcare services. The employment
situation was also boosted by upward revisions to January and
February reports of 67,000 and 89,000 respectively, according to
the analysis co-authored by BBVA Chief Economist Nathaniel Karp, Principal Economist Marcial Nava and economist Adrian Casillas.
The vast majority of sectors saw moderate employment growth and
any decreases were comparably negligible. Nearly 70 percent of the
increase in total nonfarm payroll was shared between leisure and
hospitality, government, construction, and education and healthcare
services. The growth in these industries represent the combined
impact of several forces: universal vaccine distribution; a
flattening in Covid-19 cases, a recovery from extreme winter
weather, the relaxation of restrictions in many places, and the
American Rescue Plan Act.
The team's analysis concludes that, despite March's vigorous
results, the labor market is far from pre-pandemic levels.
Significant employment growth is expected to continue, though it
may take several quarters to achieve full recovery.
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