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Brazil PMI June 2024

Brazil: Services PMI falls in June, but service-sector conditions continue to improve

The S&P Global Brazil Services Purchasing Managers’ Index (PMI) fell to 54.8 in June from 55.3 in May. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in services-sector business activity compared to the previous month.

June saw softer rates of new business and output growth, which in turn dampened job creation. However, sales have now risen for nine straight months, with sales growth still above its long-run average.

There were significant cost pressures in June, with average expenses for service providers increasing at the fastest rate in eight months. This uptick in costs led to accelerated charge inflation. Business sentiment remained positive, with a majority of service companies expecting output growth in the year ahead, although the overall level of confidence dipped slightly from May.

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