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Financial News: Brazil Services Growth Eases In August

Brazil Services Growth Eases In August

09/05/2022 - 10:58:00 (RTTNews)

(RTTNews) - Brazil's service sector activity continued to expand in August, though at the slowest pace since the start of this year, survey results published by S&P Global showed on Monday.

The seasonally adjusted S&P Global Brazil Services Business Activity Index dropped to 53.9 in August from 55.8 in July. However, a reading above 50.0 indicates expansion in the sector.

New orders grew at the weakest rate since January, but marked overall. There was a decline in consumer appetite for a wide range of services amid election uncertainty.

In August, job creation was supported by new business growth and the offering of additional services. Employment rose sharply, though at the slowest pace in six months.

On the price front, input price inflation eased to a 22-month low in August, underpinned by fuel tax cuts. Overall cost pressures were driven by higher prices for food, input, labour and utilities.

Output prices inflation also softened to a 6-month low in August as some firms offered discounts due to softer cost pressures.

Looking ahead, business confidence improved to its highest since October 2013 amid positive hopes surrounding October's presidential election.

Data also showed that there was a further slowdown in growth of Brazilian private sector output during August, with the composite output index falling to 53.2 from 55.3 in July.

Service companies continued to outperform their manufacturing counterparts, though rates of expansion softened in both cases.

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