HOUSTON, July 6, 2020 /PRNewswire/ -- The BBVA Research
team has published two reports: its U.S. Regional Outlook for July,
highlighting key factors impacting regional economies, along with
its economic analysis of the U.S. employment report. The COVID-19
pandemic continues to impact job growth and other economic
indicators.
U.S. Regional Outlook for July
2020
The report, authored by BBVA Senior Economist Kan Chen, notes
that the ongoing pandemic is expected to continue damaging regional
economies at an uneven pattern. As the curve flattens in
New York and New Jersey, two early epicenters, the
outbreaks have shifted south and west as California, Arizona, Texas and Florida become new hotspots.
As expected, states with higher cases of COVID-19 experience
worse job losses, and states with a larger hospitality sector
(Nevada and Hawaii) and auto industry (Michigan) have been affected
disproportionately. The outlook indicates that both individuals and
businesses are voluntarily cutting consumption and investment to
boost their rainy day savings. Read the full report here.
Economic Analysis on June Employment Report
The analysis -- co-written by BBVA Chief Economist Nathaniel Karp and Senior Economist Boyd Nash-Stacey -- indicates that, despite
improvements, there are still 12 million more people unemployed
today than was the case in February,
While the June employment report shows further signs of expected
strengthening in the labor market, there remain significant
disparities among groups. BBVA Research's report indicates that for
those without a high school diploma, the unemployment rate stood at
16.6 percent, which is two and a half times higher than those with
a college degree. Similarly, unemployment among women was one
percentage point higher than men. Overall, trends reflect the more
pronounced impact of the pandemic in industries with a higher
concentration of minorities, women, less-educated, younger and
lower-wage workers. See the full report here.
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.
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