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Brazil PMI November 2023

Brazil: Services PMI rises in November

The S&P Global Services Purchasing Managers’ Index (PMI) came in at 51.2 in November, up from October’s 51.0. November’s result marked the best reading since June. As a result, 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.

November’s uptick was driven by a more favorable and resilient demand environment; new business and output expanded again, leading firms to onboard staff at a stronger rate than in the previous month.

Turning to prices, operating costs increased, albeit at a slower rate than in October, driven by higher energy, food, fuel and labor expenses. Accordingly, selling price inflation rose to a five-month high. Lastly, though optimistic, business sentiment decreased compared to October on the back of concerns surrounding public policies and default rates.

Pollyanna De Lima, economics associate director at S&P Global, commented on the service sector outlook:

“The latest results brought some positive news on the labour market […]. Firms’ willingness to add to headcounts in the face of economic challenges perhaps reflect optimistic forecasts for the year ahead and retreating cost pressures. Input prices in the private sector economy rose at one of the slowest rates seen in close to three-and-a-half years.”

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