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Financial News: Brazil Services Growth Strongest In 19 Months

Brazil Services Growth Strongest In 19 Months

03/05/2024 - 08:45:00 (RTTNews)

(RTTNews) - Brazil's service sector activity expanded at the quickest pace in just over one-and-a-half years in February amid positive demand conditions, survey results published by S&P Global showed on Tuesday.

The seasonally adjusted S&P Global Brazil Services Business Activity Index rose to 54.6 in February from 53.1 in the previous month. A score above 50 indicates expansion.

New orders grew at the fastest pace since October 2022, linked to strengthening demand for services, fruitful advertising, and successful sales events.

On the price front, input price inflation rose to a four-month high in February, led by salary pressures and higher fuel prices and utility bills. As a result, selling price inflation climbed to the highest in nine months.

New business gains prompted service providers to add their workforce numbers in February, but the pace of job creation softened.

Business confidence improved to a 4-month high in February, boosted by government incentives, industrial investment, advertising, and forecasts of sales.

The composite output index rose to 55.1 in February from 53.2 in January, indicating the strongest growth in Brazilian private sector output in 19 months.

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