德国5月商业活动下滑，为今年首次萎缩

Core Viewpoint - Germany's business activity declined in May, marking the first contraction of the year, primarily due to a sharp drop in the services sector overshadowing moderate growth in manufacturing [1] Group 1: Economic Indicators - The composite PMI for Germany fell from 50.1 to 48.6, below the neutral mark of 50.0 [1] - The services PMI dropped from 49.0 in April to 47.2, reaching a 30-month low [1] - The manufacturing PMI increased from 48.4 in April to 48.8 [1] Group 2: Contributing Factors - The decline in business activity was driven by weak demand and customer uncertainty, representing the largest drop since September 2024 [1] - Decreasing energy prices are contributing to lower input costs, providing some relief for manufacturers [1] Group 3: Future Outlook - Increased defense spending and a clearer infrastructure package may provide additional momentum for the industry [1]