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But economists foresee a strong upturn, especially in manufacturing.
But it is telling clients that a cyclical bull market is in place — a strong upturn within the longer downward trend.
We retain our 65p target price, but we have downgraded our recommendation from buy to neutral following the strong upturn in the share price.
"A significant increase in costs could also put further strain on companies' cashflow position and finance requirements, which already pose something of a risk to a strong upturn".
The economy grew by 2.7% in 2005.Hopes of a strong upturn in Germany later this year may have been exaggerated, according to the ZEW index, which measures financial analysts' business expectations six months ahead.
"After a particularly tough summer, we did not have the strong upturn in revenues as we entered the autumn that had been projected," the chief executive, Alan Page, said in a statement.
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Although we are seeing some strong upturns in the market, it is still below what it was in 2008".
"The timing for any such transaction is near perfect into what looks like the beginnings of strong upturns in U.S. utility and construction markets," the analysts wrote.
"The timing for any such transaction is near perfect into what look like the beginnings of strong upturns in U.S. utility and construction markets," the analysts wrote.
The results were slightly better than expected, and follow similarly strong upturns at industry rivals Omnicom of the US and Publicis of France.
This is the strongest upturn for more than 30 years.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com