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Brazil PMI April 2023

Brazil: Services sector conditions improve at strongest pace in nine months in April

The S&P Global Services Purchasing Managers’ Index (PMI) climbed to a nine-month high of 54.5 in April, up from March’s 51.8. As such, the index moved further above the 50.0 no-change threshold, signaling a stronger improvement in services sector operating conditions compared to the previous month.

April’s upturn was chiefly due to new orders expanding at the strongest pace in six months amid improved demand. Consequently, firms onboarded staff during April, and the job creation rate was the quickest since October 2022. As such, outstanding business fell for the eleventh consecutive month.

Turning to prices, cost inflation cooled to a four-month low in April, although higher prices for energy, food, fuel and refurbishment materials, transportation and water bills prices continued to drive inflation. In turn, output charges also rose at the softest pace in four months. Lastly, firms were optimistic regarding output expectations for the year ahead.

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