Hospitality re-openings key to the outlook this year

Leisure and hospitality re-openings were behind the strongest job growth in the Autumn, although national data for December suggest that this could be reversed on the back of renewed lockdowns. With the sector still well short of previous peaks, we think its recovery has much further to go once normality returns with the vaccine rollout. While office sector jobs growth is more mixed, 2020’s clear winners tended to be those with fast-growing tech sectors, which we expect to continue in the coming quarters.