The Covid economy appears to have reached bottom and recovery may be underway, according to an analysis from a team of BBVA researchers.
The BBVA Research team’s report suggests that, in addition to lower unemployment numbers, labor participation last month increased by 60 basis points, hitting 60.8 percent.
Employment-to-population ratio rose 1.5 basis points to nearly 53 percent, up from its lowest level on record.
The report credits the Small Business Administration’s Paycheck Protection Program, among other efforts to temporarily prop up the economy. It 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 hard times.
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.
BBVA USA is a Sunbelt-based financial institution that operates 641 branches, including 89 in Alabama.