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Financial News: Brazil Services Growth Improves In October

Brazil Services Growth Improves In October

11/04/2022 - 10:22:00 (RTTNews)

(RTTNews) - Brazil's service sector gained growth momentum for the first time in four months in October, led by a stronger rise in new work intakes, survey results published by S&P Global showed on Friday.

The seasonally adjusted S&P Global Brazil Services Business Activity Index rose to 54.0 in October from 51.9 in September.

A reading above 50.0 indicates expansion in the sector. This was the strongest expansion in three months.

New orders grew at the fastest pace since July, linked to demand strength, new client wins and greater events.

On the price front, input price inflation eased to a 26-month low as reduced energy and fuel costs restricted price pressures. However, selling prices rose at a faster rate.

Sustained improvements in demand for Brazilian services continued to aid job creation in October. Employment rose for the seventh successive month and at a faster pace than September.

Service providers remained confident about the outlook amid hopes that investment, advertising and stability after the elections would boost both sales and business activity.

The composite PMI, which combines manufacturing and services, rose to 53.4 in October from an eight-month low of 51.9 in September.

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