BBVA Research releases economic analysis: Strong jobs numbers show recovery on track

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Non-farm payrolls rose by 379,000 in February, with strong increases in recreation and hospitality, and smaller increases in temporary help services, health care and social assistance, trade retail and manufacturing. The analysis, co-authored by BBVA chief economist Nathaniel Karp and senior economist Marcial Nava, notes that non-farm payrolls in leisure and hospitality remain 3.5 million lower than a year ago. a year, which represents 43% of the total gap in private non-agricultural payroll.

The report said the number of people not in the labor force remained stable for almost six months at almost 101 million, still 5.5 million more than 12 months ago. In addition, the participation rate has remained virtually unchanged over the past six months at 61.4%. The employment-to-population ratio increased by 0.1 percentage point to 57.6%, only 0.2 percentage point more than last October. Both metrics remain significantly lower than their pre-pandemic rates of 63.3% and 61.1%.

The team’s analysis concludes that in order to ensure a faster recovery, policymakers must continue to provide significant fiscal and monetary support. They indicate that the premature removal of either could derail the post-pandemic recovery and eliminate the possibility of boosting the economy’s long-term potential.

Read the full report here.

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