German economy is improving, but slowly, say business chiefs

Ifo president Clemens Fuest said pay pressures will remain because labor markets continue to be tight

While the pick-up was again driven by buoyant services, the weakness in the crucial manufacturing industry abated. 

Germany’s business outlook rose for a fourth month as confidence builds that the country’s economic rebound will strengthen over the rest of the year.

Expectations gauged by the Ifo institute rose, but another measure of current conditions fell, according to the latest survey by the institute.