Brazil: Manufacturing PMI drops to lowest level in over three years
April 1, 2015
The Markit manufacturing Purchasing Managers’ Index (PMI) fell from February’s 49.6 to 46.2 in March, thus dropping to the lowest level in over three years. As a result, the PMI index is now further below the 50-threshold that separates contraction from expansion in business conditions in the manufacturing sector.
According to Markit, March’s figure came on the back of a falling output and a reduction in new businesses. Markit analysts stated that, “threatening the outlook were a steep drop in incoming new work and the greatest fall in employment since July 2012. Moreover, the sector failed to see growth of export orders despite the weaker real. Lamentably, there is little to suggest that we can expect any growth in the sector in the near-term.”