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Financial News: Brazil's Manufacturing Activity Contracts Most In 7 Months

Brazil's Manufacturing Activity Contracts Most In 7 Months

02/01/2017 - 07:22:00 (RTTNews)

(RTTNews) - Brazil's manufacturing activity shrank at the fastest pace in seven months in January, survey data from IHS Markit showed Wednesday.

The manufacturing Purchasing Managers' Index fell to 44.0 in January from 45.2 in December.

A reading below 50 indicates contraction. Activity deteriorated in January, as has been the case throughout the past two years.

The downturn was seen across the board, with order books, output, new export orders, buying levels, stocks and backlogs down in the consumer, intermediate and investment goods categories.

Meanwhile, inflationary pressures intensified.

However, data from the statistical office IBGE today revealed that industrial production grew more than expected in December.

Production climbed 2.3 percent month-on-month in December, faster than the expected 2.1 percent. Nonetheless, on a yearly basis, industrial output slid 0.1 percent, confounding expectations for an increase of 0.6 percent.

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