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Brazil PMI June 2023

Brazil: Services sector conditions improve at softer rate in June

The S&P Global Services Purchasing Managers’ Index (PMI) eased to 53.3 in June, down from May’s nine-month high of 54.1. As such, the index moved marginally closer to, but remained comfortably above, the 50.0 no-change threshold, signaling a milder improvement in services sector operating conditions compared to the previous month.

June’s moderation came on the back of the job creation rate easing to the slowest since March. More positively, new orders rose at the strongest pace in eight months thanks to healthy demand. Turning to prices, despite input costs rising at the strongest pace in three months, selling charges increased at the slowest rate in nine months as businesses tried to remain competitive. Elevated interest rates and higher prices for food were the main drivers of cost inflation. Lastly, the sentiment of firms with regard to the outlook for the coming year improved to an eight-month high, boosted by expectations of looser monetary policy and softer price pressures ahead.

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