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Brazil PMI May 2023

Brazil: Services sector conditions continue to improve in May

The S&P Global Services Purchasing Managers’ Index (PMI) dipped to 54.1 in May from 54.5 in April. As such, the index signaled a softer improvement in services sector operating conditions compared to the previous month.

May’s reading was the result of slightly slower growth in business activity, new orders and employment. Meanwhile, input and output cost inflation were rapid, while business sentiment improved and export orders rose for the first time in six months.

Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said:

“Brazil’s economic landscape present a compelling narrative of sector divergence, with manufacturing struggling while services prosper. Hence, the latter continues to play a vital role in driving Brazil’s economy forward in this ever-evolving global landscape as policymakers strive to address the challenges faced by manufacturers and achieve a balanced and sustained growth trajectory.”

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