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Financial News: Brazil Services Activity Decline Slows In August

Brazil Services Activity Decline Slows In August

09/05/2017 - 09:43:00 (RTTNews)

(RTTNews) - Brazil's service sector contraction slowed in August, supported by a continued growth in demand, survey data from IHS Markit showed Tuesday.

The Brazil Services Purchasing Managers' Index climbed to a three-month high of 49 from July's 48.8, the survey showed. A score below 50 suggests decline in activity.

Despite an acceleration in input cost inflation, firms cut selling prices, thus partly supporting the upturn in workloads. However, there was evidence of spare capacity as backlogs declined sharply despite another round of job shedding.

Going forward, firms expect higher activity over the next 12 months and the business confidence was the strongest since September 2016.

"An improvement in service providers' future expectations to the highest for nearly a year provides positive news, although the overall picture remains one of a bumpy road to economic prosperity," IHS Markit economist Pollyanna De Lima said.

The IHS Markit Brazil Composite PMI also hit a three-month high in August, rising to 49.6 from 49.4 in July. The declining trend in services was offset by further growth in manufacturing.

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