German Manufacturing, Services Fall at a Slower Pace in May

German PMI improved far more than expected in May, with the advanced manufacturing PMI reading climbing to 39.1 (median 36.7) from 35.4 in April. Similarly, advanced services PMI surged to 46.0 (median 44.3) from 43.8. Data hence continue to confirm that the sentiments indicators have bottomed out, although PMI data continue to indicate contraction for both sectors.