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Brazil PMI September 2022

Brazil: Conditions improve at a softer rate in September

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) inched down to a seven-month low of 51.1 in September, from August’s 51.9. As a result, the index moved closer to, but remained above, the 50.0 no-change threshold. This points to a continued, albeit moderating, improvement in manufacturing business conditions from the previous month.

September’s slowdown was chiefly due to new orders expanding at the softest pace in seven months, as ongoing pressure on clients’ purchasing power dampened retail sales. Additionally, the continued weakening of global demand led to the sharpest fall in new export orders in over two years. More positively, output expanded at a slightly brisker pace in September compared to the prior month. Concerning prices, easing commodity prices prompted input costs to increase at the joint-softest pace in nearly eight years, which led to cooling selling prices in turn in September. Lastly, firms remained upbeat with regard to the outlook for the coming year, which favored the onboarding of staff in September. That said, the job creation rate was the softest in five months.

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