DAVY VIEW

Yesterday’s data on Pandemic Unemployment Payment (PUP) claimants showed a 51,700 surge over the past week to 295,900 in total – suggesting the unemployment rate has increased by two percentage points to 18%. The sectoral split shows job losses broadening out from the hospitality sector, already effectively closed since early October, to retail and other services which have been impacted by the full Level 5 restrictions imposed last week.