Company directors’ confidence improved slightly in May from a ​record low the month before, but investment and hiring intentions plumbed new depths, the latest edition of the Institute of Directors’ Confidence Tracker revealed on today Thursday.

• Business leaders’ overall confidence in the economy increased from -69 in April to -60 in May, while the outlook for their own firms also improved, from -22 to -7. Both indicators remain in pessimistic territory ​and at their second-lowest readings on record.
• Directors’ investment intentions for the next 12 months fell a further 11 percentage points from April, to its lowest on record. Hiring intentions also reached a new record low.
• The bulk of firms expected their revenue to be lower in the year ahead, while wages were also expected to fall.