Economic Recovery Hinges on Uncertainty, Says BBVA Compass Chief Economist in New Report Bank Releases Fourth Quarter Outlook
HOUSTON, Nov. 21, 2011 /PRNewswire/ -- A cooling global economy, fiscal uncertainty and Europe's sovereign debt crisis are threatening economic recovery, according to the BBVA Compass Fourth Quarter U.S. Economic Outlook.
"Economic growth is contingent on reducing uncertainty both domestically and globally," said Nathaniel Karp, the chief U.S. economist for BBVA Compass. "The European debt situation continues to introduce volatility in the market and underscores the necessity of getting things in order here in the U.S. Policymakers must take swift action to reduce fiscal uncertainty, which will ultimately increase investment and employment, and put the U.S. on a stable growth path."
According to the economic research group for BBVA Compass:
- Although global growth is slowing, emerging economies are on track for a soft landing.
- European efforts to alleviate financial tensions still leave key elements unresolved.
- Solid personal consumption expenditures are boosting U.S. GDP growth above expectations.
- Across the BBVA Compass Sunbelt, private-sector hiring is picking up pace and exports continue to propel activity.
The bank's Economic Outlook, which contains global, national and regional forecasts, also includes an article highlighting the U.S. Census Bureau's recently released data on income, poverty and health insurance. The states in the BBVA Compass Sunbelt Region tend to have lower incomes, higher poverty levels and lower rates of healthcare coverage than the rest of the U.S., the article finds.
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that operates more than 712 branches including 374 in Texas, 93 in Alabama, 78 in Arizona, 65 in California, 45 in Florida, 36 in Colorado and 21 in New Mexico. BBVA Compass 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 (5th). BBVA Compass has been recognized as one of the nation's leading Small Business Administration (SBA) lenders, earning 'Lender of the Year' honors in 2009 and 2010. Additional information concerning BBVA Compass can be found on our website www.bbvacompass.com.
BBVA Compass is a subsidiary of BBVA Compass Bancshares, Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a financial services group with approximately $800 billion in total assets, 48 million clients, 7,400 branches and approximately 110,000 employees in more than 30 countries. BBVA ranks among the top 20 largest financial institutions in the world based on market capitalization and 17th in Global Finance magazine's list of the "World's 50 Safest Banks" for 2011. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States, as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, Turkey, and the United Kingdom. More information about the BBVA Group can be found at www.bbva.com.
BBVA Compass is a trade name of Compass Bank.
SOURCE BBVA Compass