Financial News: Brazil Services Growth Eases In November

Brazil Services Growth Eases In November

12/04/2024 - 09:29:00 (RTTNews)

(RTTNews) - Brazil's service sector continued to expand in November, though the pace of growth eased amid a slower increase in new orders, survey results published by S&P Global showed on Wednesday.

The seasonally adjusted S&P Global Brazil Services Business Activity Index dropped to 53.6 in November from 56.2 in the previous month. However, a score above 50 indicates expansion.

During November, a slower improvement in demand conditions somewhat constrained expansions in new business and output, the survey said.

Input costs rose sharply amid higher costs for chemicals, food, fuel, and stationery items. Nonetheless, the rate of cost inflation eased to a five-month low. Similarly, selling price inflation remained elevated but was the weakest since July.

Cost pressures prevented firms from raising additional workforce numbers, with the employment levels staying unchanged compared to October.

Business confidence showed recovery in November, largely attributed by panelists to expectations that client demand would remain favorable and that economic conditions would strengthen.

The composite output index dropped to 53.5 in November from 55.9 in October, indicating solid but slower growth in the Brazilian private sector.

Elsewhere, Brazil's industrial production fell 0.2 percent monthly in October, reversing a 1.0 percent growth in September. Further, this was the first fall in three months. The annual growth accelerated to 5.8 percent from 3.4 percent, the statistical office IBGE said.

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