The number of small and medium-sized businesses that have made job cuts in the last six months has fallen, according to research by Clifton Asset Management (CAM).

The data shows that 26% of firms have been forced to shed jobs over the past six months, down 2% on the previous quarter's figures.

However, the latest study, carried out among 1,000 small business owners, also shows that the number who say they will have to reduce their payroll further in the coming six months is up, from 12% to 15%.

The survey follows the latest official figures from the Office for National Statistics which show a slight fall in UK unemployment - the first to be recorded since the early part of 2008.

"In terms of attitudes, despite that the fact that the UK is officially out of recession, our research has already confirmed that owner-managers do not see any proper recovery on the horizon until 2011," says Anthony Carty, a director at CAM.

"While it is encouraging to see that fewer firms have shed jobs in the last six months, it is worrying that more job cuts are on the way, with the employment situation set to lag behind any general economic recovery."