Brazil: Consumer confidence improves in October
Latest reading: The seasonally adjusted consumer confidence index published by the Getúlio Vargas Foundation (Fundação Getúlio Vargas) rose for the second consecutive month to 88.5 in October, up from September’s 87.5. October’s reading was the highest so far this year. However, sentiment remains pessimistic at below the 100-point benchmark.
In October, consumers grew less pessimistic about the economic situation in the coming months (+92.8 vs +91.8 in September) and about the current situation (+83.0 vs +82.0 in September); stronger income and employment outlooks contributed to the uptick. Looking at specific demographics, the sentiment of lower-income families improved particularly sharply, jumping 5.1 points in October. However, elevated interest rates continue to hinder a more robust improvement.