Particularly striking is the steep rise to an all-time high in the assessment of current conditions in the manufacturing sector since fall 2016, having previously practically stagnated for three years. It is also surprising that business expectations in manufacturing for the coming six months have improved although the rise in the euro tends to undermine industrial price competitiveness. The world economy is evidently providing a hefty boost. The fairly steep drop in the retailing business climate should not be overrated as monthly swings are the rule here and this sub-index remains at a high level. The breadth of the upswing is also reflected in the ongoing rise in the business climate in wholesaling and construction.