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Financial News: Brazil Factory PMI In Growth Zone First Time

Brazil Factory PMI In Growth Zone First Time Since Jan 2015

05/02/2017 - 09:59:00 (RTTNews)

(RTTNews) - Brazil's manufacturing sector continued its growth in April supported by gains in output and new orders, survey results from IHS Markit showed Tuesday.

The seasonally adjusted Markit Manufacturing Purchasing Managers' Index rose to 50.1 in April from 49.6 in March. A reading above 50 suggests growth in activity.

New orders and output grew for a second straight month, largely driven by domestic demand. However, that did not translate to job creation.

Jobs were shed for a 26th consecutive month, though the rate of reduction was the slowest in as many months.

The relatively-weak real versus the US dollar caused a further increase in input costs, but the rise was the slowest in six months. The rate of output charge inflation eased to a five-month low.

Manufacturers were upbeat regarding the 12-month outlook for production and expect growth to be supported by new client wins, the launch of new product lines, machinery upgrades and an economic rebound, the survey said.

"Limited pricing power meant that the vast majority of goods producers had to keep output charges unchanged over the month against a backdrop of strong cost inflationary pressures," Pollyanna De Lima, an economist at IHS Markit, said.

"As such, businesses are likely to keep the lid on costs going forward, which could potentially cause further harm to the labor market."

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