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Brazil PMI March 2024

Brazil: Services PMI hits a near two-year high in March

The S&P Global Brazil Services PMI rose to a 20-month high of 54.8 in March from 54.6 in February. As a result, the index moved further above the 50.0 no-change threshold and signaled a faster improvement in services sector operating conditions compared to the previous month.

March’s improvement was primarily driven by the second-fastest increase in sales in nearly a year and a half, supported by healthy demand conditions and new business acquisitions. The positive sales trends and optimistic output projections encouraged the fastest expansion in employment since October 2022.

Regarding prices, March saw heightened wage pressures and rising material costs, contributing to the most significant increase in business expenses in five months. Still, charge inflation eased to its lowest in five months. Lastly, service providers remained optimistic about future growth driven by rising job creation, government incentives, and positive demand prospects.

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