– Non-farm payroll: Non-farm payroll increased by 379,000, with strong increases in leisure and hospitality.
– Unemployment rate: Unemployment figures in February fell slightly by 0.1 percentage point to 6.2%, with solid declines in unemployment among Asians and teenagers.
HOUSTON, March 9, 2021 /PRNewswire/ — According to the latest economic analysis from the BBVA research team, February unemployment figures confirm that labor market conditions continue to improve as COVID-19 cases slow, vaccination rates increase and restrictions are lifted in parts of the United States. United
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-written by BBVA’s chief economist Nathanael Karp and Senior Economist Marcial Navanotes that non-farm payrolls in leisure and hospitality remain 3.5 million lower than a year ago, representing 43% of the total private non-farm payroll gap.
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.
BBVA the United States The research team analyzes the US economy and the Federal Reserve’s monetary policy. For its analyses, economists create models and forecasts of growth, inflation, monetary policy and industries.
Read the full report here.
See the full library of BBVA Research publications here.
For more BBVA news visit, www.bbva.com and the American Newsroom.
Additional updates can be found via Twitter and instagram.
For more financial information about 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 has a strong leadership position in the Spanish market, is the largest financial institution in Mexicoit has leading franchises in South America and the Sunbelt region of United States. He is also the first shareholder of Turkey BBVA guarantee. Its goal is to bring to everyone the era of opportunities, based on the real needs of our customers: 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 client comes first, we think big and we are one 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, including 330 in Texas89″ Alabama63 inches Arizona61″ California44″ Florida37″ Colorado and 17 in New Mexico. The bank ranks among the top 25 U.S. commercial banks by 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 a top small business lender by the Small Business Administration (SBA) and ranked 8th nationally in dollar volume of SBA loans issued in fiscal year 2018 .
See original content to download multimedia: http://www.prnewswire.com/news-releases/bbva-research-publishes-economic-analysis-solid-employment-figures-show-the-recovery-is-on-track -301243698.html
SOURCEBBVA United States