Germany business confidence dips

MUNICH, Germany, May 25 (UPI) -- German business confidence reportedly dipped slightly during May, reinforcing the view of continued subdued growth across that nation.

The Munich-based Ifo institute said its closely watched business climate index fell to 96.1 during May from 96.3 in April, the Financial Times said. The fall, slightly less than expected, took the index back to its November level.

Hans-Werner Sinn, Ifo president, said the data was based on a survey of 7,000 companies and suggests "a continuation of the ongoing, moderate recovery in Germany over coming months."

Howard Archer of Global Insight said the survey results shows firms are remaining cautious in their investment and employment plans.