BBVA Research Department since 1999 (2005- US Team)
•The World Bank, Ministry of Education, Republic Bank
•BA Studies Economics (ITAM)
•MsC & PhD Studies Economics (Warwick)
In February, the economy added 379,000 nonfarm payroll jobs while the unemployment rate edged down to 6.2%. To secure a faster recovery, policymakers should continue provisioning ample fiscal and monetary support. Premature removal of either could threaten the prospects of the recovery.
After the roller-coaster of last year, banking aggregates will normalize in 2021. Virus control will gain traction, highly impacted sectors will gradually reopen, and the overall economic recovery will solidify with the support of policymakers. These conditions will be highly favorable for the banking industry.
January’s labor market report continued to show strains from the resurgence in Covid-19 cases, with nonfarm payrolls relatively unchanged at +46K. Despite the tepid hiring conditions, the unemployment rate fell 40bp to 6.3%, with the number of unemployed dropping by 600K.