Back to work does not necessarily mean back to the office although diminishing Covid infections have allowed a rapid economic reopening in the US. “As we watch the economy accelerate, we can clearly see that populations in both the US and globally are returning to recreational activities far faster than they are returning to their offices,” notes Citigroup’s Global Wealth Investments Strategy Bulletin.
“After 15–18 months of working from home, the idea that everyone is returning to the office full-time and that business travel will lastingly return to the level it did before is unlikely,” the bulletin says, adding that workers appear to prefer working from home.
The Citi report cites data that expected earnings of the S&P 500 index components is likely to rise by 54% in 1HFY2021. A record high number of firms are expecting record earnings, Citi says, an indication that workfrom-home (WFH) has actually been positive for productivity.