Manufacturing companies are showing the greatest resilience to the weak economy and have increased their usage of temporary agency workers by 80%, year on year.
Research by insolvency experts Begbies Traynor found a 17% fall in “post-Christmas financial distress’ in 2012, compared to last year.
The figures relate to those with “critical” issues such as facing county court judgments totalling £5,000 or a winding up order, or “significant” problems, with court actions pending or out-of-date accounts. Print and packaging firms stress fell by 73%, food and beverage producers’ by 37%, and other manufacturing businesses by 49% year on year.
Depoel, the master vendor organisation’s data shows that the usage of temps has increased by 80% year on year – supporting the research from Begbies. These figures are also bourne out by Abbey Personnel Services’ increased demand for temps in this sector.
Announcements such as Nissan starting manufacture of a new model in the North East, creating 1,125 jobs in the sector are likely to have buoyed confidence too.