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May 22, 6:59 AM EDT

German business confidence drops slightly in May

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BERLIN (AP) -- A closely watched survey shows German business confidence has slipped slightly as companies expressed satisfaction with their current situation but increasing worries about the future.

The Ifo Institute said Friday its Business Climate Index dipped to 108.5 points for May from 108.6 points the month before.

The survey of some 7,000 firms in manufacturing, construction, wholesaling and retailing showed a rise in their evaluation of their current situation to 114.3 points from 114.0 in April.

When asked about their expectations for the next six months, however, their evaluation dropped to 103.0 points from 103.4 the month before.

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