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Brazil PMI February 2024

Brazil: Brazil manufacturing PMI surges in February

The S&P Global Brazil Manufacturing Purchasing Managers’ Index (PMI) rose to a 20-month high of 54.1 in February from 52.8 in January. As a result, the index moved further above the 50.0 no-change threshold and signaled a faster improvement in manufacturing-sector operating conditions compared to the previous month.

February’s surge was primarily driven by a marked improvement in domestic demand conditions, leading to robust growth in new orders and production—which rose at the strongest pace in over two-and-a-half years. This better demand backdrop led manufacturers to increase their input purchases and expand their workforce at the fastest clip in 19 months. Additionally, easing supply chain pressures allowed firms to boost their stock levels. Less positively, international sales continued to decline.

On the price front, input cost inflation ticked up in February—though it remained below its long-run trend—and output charges rose at a slightly brisker pace than in January. Lastly, business sentiment was overwhelmingly positive, due to the improved demand environment, strong domestic sales, controlled input costs and falling interest rates.

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