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Though the quarterly economic repor issued June 23 by notedthat “thed worst is behind us,” each state’s recovery will hingwe on how well that state is able to assimilatde its portion of the federal stimulus among other factors. “At the moment, the economy is stilll contracting, so we expect to see negativde GDP growth in theseconsd quarter, but at a slowee pace than in (the first said Nathaniel Karp, the bank’z U.S. chief economist.
“Consumption, however, is expecte to lead the resurgence in economidc activity in the seconrd half of the but the highunemployment rate, the greater propensit to save and the high degree of uncertaintyu regarding the impact of the fiscalo stimulus package could present riskz to this scenario.” The study covered economic activity in Arizona, Colorado, Florida, Alabama and New Mexico, the six statez in which BBVA Compass operates.
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