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Financial News: Brazil Services Growth Remains Strong In June

Brazil Services Growth Remains Strong In June

07/03/2024 - 10:00:00 (RTTNews)

(RTTNews) - Brazil's service sector continued to expand strongly on the back of healthy demand trends, though the pace of growth softened slightly, survey results published by S&P Global showed on Wednesday.

The seasonally adjusted S&P Global Brazil Services Business Activity Index dropped to 54.8 in June from 55.3 in the previous month. However, a score above 50 indicates expansion.

The growth in sales extended to the ninth straight month in June and remained above its long-run average, but the rate of growth has cooled since May.

Brazilian service providers faced intense price pressures in June amid currency weakness, crop losses, and the aftermath of floods in Rio Grande do Sul.

The overall rate of input price inflation rose to an eight-month high, led by higher costs for energy, food, fuel, insurance, labor, and water. As a result, selling price inflation accelerated.

In line with rising new orders, firms added extra workforce numbers in June. Nonetheless, the rate of job creation was the weakest in four months, as growth was stymied by cost considerations.

Looking ahead, companies expressed an optimistic outlook about business activity over the next twelve months in hopes of new proposals in progress, partnerships, and rebuilding efforts in Rio Grande do Sul.

Elsewhere, Brazil's industrial production decreased 0.9 percent monthly in May versus a 0.8 percent fall in April, preliminary data from the statistical office IBGE showed.

The two biggest negative influences on the industry's overall result were exerted by motor vehicles, trailers, and bodies, the IBGE said.

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