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Financial News: Brazil Service Sector Growth Remains Strong

Brazil Service Sector Growth Remains Strong

06/03/2022 - 10:50:00 (RTTNews)

(RTTNews) - Brazil's service sector activity maintained strong growth momentum in May, supported by the post-pandemic rebound in demand and the resumption of events, survey data from S&P Global showed on Friday.

Separate official data showed that industrial production grew marginally in April.

The seasonally adjusted services business activity index dropped to 58.6 in May from 60.6 in April. However, a reading above 50 indicates expansion in the sector.

Moreover, the latest index signaled the second-strongest pace of expansion since May 2007.

New orders rose sharply in May and remained above its long term average amid strong underlying demand and new client wins.

Both input and output price inflation accelerated to new record highs in May, as companies faced cost burdens due to higher prices for energy, food, fuel, labor and materials.

The survey participants also revealed that the elevated level of price pressures was also influenced by the US dollar strength and the war in Ukraine.

In line with the growing new business, service providers increased workforce numbers in May, with the rate of job creation rising to the strongest level since the survey started in March 2007.

Looking ahead, companies remained optimistic towards the expected business activity for the next twelve months, as the business confidence indicator improved to a near three-year high in May.

Separate data released by the Brazilian Institute of Geography and Statistics showed that industrial production increased marginally by 0.1 percent monthly in April, following a 0.6 percent rise in March.

This was the third successive monthly growth and the figure also matched with economists' forecast.

Industrial production fell 0.5 percent year-on-year for the ninth consecutive month in May, which was the smallest drop in this sequence. The expected decrease was 0.8 percent.

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