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Financial News: Brazil Service Sector Contracts Further

Brazil Service Sector Contracts Further

09/03/2020 - 11:54:00 (RTTNews)

(RTTNews) - Brazil's service sector activity continued to decline in August, but at a slower pace, due to the severe impact of the coronavirus pandemic, survey data from IHS Markit showed on Friday.

The IHS Markit Brazil Services Business Activity Index climbed to 49.6 from 42.5 in July. A reading below 50 suggests contraction in the sector.

However, the score was the best since February though the period of contraction extended to six months.

Activity declined slightly despite new work increasing for the first time in six months. Job losses continued for the sixth successive month and at a sharp rate.

As firms paid more for personal protective equipment and cleaning products in the battle against Covid-19, cost pressures intensified with input price inflation reaching a five-month high.

The Composite Output Index rose to 53.9 from 47.3 in July, largely led by manufacturing. This was the first expansion in the private sector economy since February and the reading was the highest registered since the start of 2013.

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