Small manufacturers in the U.K. hired new employees at the fastest rate in over 15 years in the quarter ending January, defying recent data that suggests economic activity in the country could be slowing, according to Financial Times. On Monday, the CBI reported that a quarterly survey of 366 companies showed that 10% more companies reported increasing payrolls than the number reporting shrinking payrolls, which is the widest margin since April 1995.
Meanwhile, the balance of respondents reporting a quarterly increase in output was 13%, with 30% reporting gains in production and only 17% reporting a contraction. The CBI’s small and medium enterprise council chairwoman, Lucy Armstrong, said the data “underlines the important role of smaller firms in delivering growth and jobs.” The survey also found that 11% more of SME’s were expecting to see a positive change in output during the coming quarter than a contraction.