Brazil: Consumer confidence deteriorates for the second consecutive month in May
The consumer confidence index published by the Getulio Vargas Foundation (FGV, Fundaçao Getúlio Vargas) fell a seasonally-adjusted 2.8% from the previous month in May, decreasing from 89.4 in April to 86.9, the worst print in seven months. The deterioration was driven by consumers’ more negative assessment of the future economic situation, with confidence dropping to the lowest level in nine months. Households’ outlook on the current economic situation was less pessimistic, however.
The FGV confidence index spans a range from 1 to 200 points, where 100 points is considered neutral. Two consecutive drops in April and May have sunk the index further into pessimistic territory.