--Future Mfg Expectations Down Fourth Month In Jan.
--Mfg Current Conditions Up After Dec. Drop
--Jan. Orders Sentiment and Output Up Vs. Dec

FRANKFURT (MktNews) - Seasonally adjusted business sentiment in the west German manufacturing sector fell for the second month in a row in January, with current conditions improving but future expectations declining for the fourth successive month, according to details of Ifo's January survey released Thursday.
As reported last week, the January overall west German Ifo business sentiment index -- which combines sentiment in the manufacturing, construction, retail and wholesale sectors -- came in above all expectations, rising for the first time since May 2000 to reach 97.5 from 96.8 in December, mainly due to a rise in the current conditions index.
Details of the Ifo index sector components -- including sentiment in the manufacturing sector, which makes up over 80% of all German industrial output -- were first released today.
The overall west German manufacturing sentiment diffusion index fell to +7.4 in January from +8.4 in December on a seasonally adjusted basis.
The diffusion index on current manufacturing conditions rose to +17.1 in January from +16.7 in December.
However, the manufacturing business expectations subindex fell to -1.9 from +0.5 in December, down for the fourth month in a row.
Still, export expectations rose to +7.3 in January from +5.0 in December.
Sentiment on manufacturing orders compared to the previous month rose to +1.8 from -9.9 in December.
Also, survey respondents reported that industrial production rose in January, up to +0.3 from -3.4 in December.
The number of firms that expect to increase production in the months ahead, indicated by the index for future production plans, rose to +0.2 from -1.7 in December.
The number of manufacturing firms judging their inventory levels as excessive rose in January to +10.2 from +9.2 in the previous month.