Financial News: Brazil Manufacturing Growth Remains Robust In October

Brazil Manufacturing Growth Remains Robust In October

11/01/2024 - 09:39:00 (RTTNews)

(RTTNews) - The Brazilian manufacturing sector showed a further strong expansion in October on the back of higher export demand, survey data from S&P Global showed on Friday.

The purchasing managers' index, or PMI, for the manufacturing sector dropped to 52.9 in October from 53.2 in July. However, a score above 50 indicates expansion.

New orders grew for the tenth successive month in October, though the pace of expansion has eased since September. The slowdown in domestic demand was compensated by international orders, with export orders rising at the quickest pace since November 2020, driven by more demand from Africa, Japan, and the Americas.

In line with favorable client appetite, firms raised production volumes at the quickest rate in six months. Besides, manufacturers sought to rebuild inventories and purchased additional inputs at the second-fastest pace in over three years.

A further rise was also seen in staff numbers in October, but the pace of job creation eased to the weakest in ten months.

Cost pressures remained solid due to adverse weather conditions, currency weakness, and greater freight charges. Nonetheless, the overall rate of inflation eased to a 4-month low. Similarly, charge inflation was market but softest in seven months.

Elsewhere, industrial production in the country expanded 1.1 percent monthly in September versus a 0.2 percent rebound in August, the statistical office IBGE said. The annual growth accelerated to 3.2 percent from 2.3 percent.

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