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Financial News: Brazil Manufacturing Logs Steep Decline

Brazil Manufacturing Logs Steep Decline

01/02/2023 - 10:10:00 (RTTNews)

(RTTNews) - Brazil's manufacturing activity deteriorated sharply at the end of the year, as output and new orders fell at faster rates, purchasing managers' survey data from S&P Global showed Monday.

The seasonally adjusted Purchasing Managers' Index, or PMI, for the manufacturing sector dropped slightly to 44.2 in December from 44.3 in October.

Any score below 50 suggests contraction in the sector.

New orders fell for the third successive month in December. In turn, firms scaled back production at the quickest pace since May 2020.

Companies reported that economic and public policy uncertainty slowed down sales in December, with customers frequently cancelling or delaying orders.

Subdued demand from Europe, Latin America and the US also adversely affected the new export business.

As a result, employment fell sharply, and at the fastest pace in two-and-a-half years. Firms also reduced their input buying in December.

On the price front, input prices showed a renewed increase amid currency weakness, component shortages and rising prices for some items. But the overall increase was only modest in the context of historical data. Selling prices also grew slightly at the end of the year.

"For now, the rise in factory gate charges was moderate but any pick-up in cost inflation and subsequent increases to finished goods' fees could severely damage already-fragile demand," Pollyanna De Lima, economics associate director at S&P Global, said.

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