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Brazil PMI February 2024

Brazil: PMI signals strong growth in the services sector

The S&P Global Brazil Services Purchasing Managers’ Index (PMI) rose to a 19-month high of 54.6 in February from 53.1 in January. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in services sector operating conditions compared to the previous month.

February’s surge was primarily driven by a marked increase in new business, which expanded at the fastest pace in 16 months on improving demand. That said, employment growth softened due to some companies focusing on cost savings and spare capacity management.

Regarding prices, firms faced the steepest rise in operating expenses—salary pressures and higher costs for fuel, water, electricity and insurance—in four months, leading to the sharpest increase in selling prices since May 2023. Lastly, firms’ optimism rose to a four-month high, underpinned by government incentives, industrial investment, effective advertising and positive forecasts of sales growth.

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