Business conditions in the German manufacturing sector showed further signs of steadying in May, with the latest HCOB PMI® survey conducted by S&P Global indicating much slower declines in both output and new orders than those seen in April. Business confidence towards growth prospects in the year ahead also perked up, although there was another marked drop in employment in line with a lack of pressure on operating capacity. The decline in purchasing activity among goods producers eased midway through the second quarter, but it nevertheless remained sharp amid ongoing destocking efforts. Competitive pressures in turn ... (full story)