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Financial News: Brazil Factory PMI At 3-month High

Brazil Factory PMI At 3-month High

09/01/2017 - 10:01:00 (RTTNews)

(RTTNews) - Brazil's manufacturing sector expanded in August, after stagnating in the previous month, led by a solid increase in orders amid strong export demand, survey data from IHS Markit showed Friday.

The Manufacturing Purchasing Managers' Index climbed to a three-month high of 50.9 from July's neutral score of 50. A score above 50 suggests growth in the sector.

Order books grew at the fastest pace in three months, partly driven by the strongest order inflow from abroad since April 2016. Those surveyed reported that the relatively weak currency helped them secure new work from foreign clients, with Argentina in particular cited as a key source of new business.

Consequently, both output and purchasing activity increased, though factories continued to reduce headcount, extending the trend to 30 months, albeit at a slower rate.

Input cost inflation hit a five-month high and was above its long-run average. Factory-gate costs rebounded in August, partly due to efforts by firms to protect margins.

"While the central bank hinted in its latest policy decision that the accommodative policy stance is likely to continue in coming months, recent developments in inflation may mean smaller cuts to the Selic as we head towards the year end," IHS Markit economist Pollyanna De Lima said.

Manufacturers remained optimistic regarding the production outlook for the next 12 months amid expectations of better economic conditions, greater investments and business expansion plans underpinning confidence.

However, optimism was restricted by worries surrounding politics and the 2018 presidential election and the level of positive sentiment fell to a 16-month low.

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