The S&P Global Brazil Services PMI came in at 50.2 in July 2023, down sharply from 53.3 in June, below market expectations of 52.3, indicating the weakest rate of expansion in output in the current five-month sequence of growth. New business saw a noticeably weaker increase and output nearly stagnated, with several firms citing a retrenchment in demand and hesitancy among clients. On a positive note, job creation continued, albeit at a slower pace, and inflationary pressures subsided. In terms of prices, rates of both input cost and output charge inflation broadly converged towards their respective long-run averages. In the meantime, outstanding business volumes decreased for the fourteenth straight month in July, albeit at the weakest rate since April. Finally, business confidence slipped to a 26-month low in July, dampened by Brazil's political and economic challenges. source: Markit Economics

Services PMI in Brazil averaged 49.19 points from 2011 until 2023, reaching an all time high of 60.80 points in June of 2022 and a record low of 27.40 points in April of 2020. This page provides the latest reported value for - Brazil Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Brazil Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Services PMI in Brazil is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Brazil Services PMI is projected to trend around 55.00 points in 2024, according to our econometric models.

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Brazil Services PMI



Related Last Previous Unit Reference
Services PMI 50.20 53.30 points Jul 2023
Manufacturing PMI 47.80 46.60 points Jul 2023
Composite PMI 49.60 51.50 points Jul 2023

Brazil Services PMI
The Markit Brazil Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 350 private service sector companies. The Index tracks variables such as sales, employment, inventories and prices. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease.
Actual Previous Highest Lowest Dates Unit Frequency
50.20 53.30 60.80 27.40 2011 - 2023 points Monthly

News Stream
Brazil Services Sector Sees Sharp Deceleration
The S&P Global Brazil Services PMI came in at 50.2 in July 2023, down sharply from 53.3 in June, below market expectations of 52.3, indicating the weakest rate of expansion in output in the current five-month sequence of growth. New business saw a noticeably weaker increase and output nearly stagnated, with several firms citing a retrenchment in demand and hesitancy among clients. On a positive note, job creation continued, albeit at a slower pace, and inflationary pressures subsided. In terms of prices, rates of both input cost and output charge inflation broadly converged towards their respective long-run averages. In the meantime, outstanding business volumes decreased for the fourteenth straight month in July, albeit at the weakest rate since April. Finally, business confidence slipped to a 26-month low in July, dampened by Brazil's political and economic challenges.
2023-08-03
Brazilian Service Sector Grows Less than Expected
The S&P Global Brazil Services PMI fell to 53.3 in June of 2023 from 54.1 in the previous month, missing market expectations of 54.4 but notching a fourth consecutive period of expansion in the services sector. New business for firms grew at the fastest pace since October of 2022, extending the resilient economic environment to high borrowing costs passed by the Brazilian Central Bank amid buoyant demand and the winning of new customers. The favorable business conditions drove companies to extend the positive hiring momentum, although the rate of job creation softened to the lowest in three months. On the price front, input price inflation remained below 2022 peaks but quickened to a three-month high, underpinned by greater prices for food, software licenses, and utilities. Still, the competitive setting refrained firms from elevating output charge prices. Looking forward, expectations of incoming interest rate cuts lifted business confidence.
2023-07-05
Brazil Services Sector Expands for 3rd Month
The S&P Global Brazil Services PMI was at 54.1 in May of 2023, easing from 54.5 in the previous month but pointing to a third consecutive period of robust growth for the Brazilian services sector. New orders and business activity recorded another month of expansion, albeit slightly slower than that from April, as companies reported that demand conditions continued to improve. Restructuring efforts and new customer wins drove companies to increase employment at a solid pace, increasing capacity for firms to clear backlogs of work. Meanwhile, input cost inflation eased for the third month to its lowest year-to-date but remained above the series average, lifting output charges. Looking forward, service providers extended a generally positive outlook on business.
2023-06-05