BBVA - May unemployment figures suggest recovery underway according to BBVA Research
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.
SOURCE BBVA USA