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Financial News: Brazil Services Growth Strongest In 22 Months

Brazil Services Growth Strongest In 22 Months

06/05/2024 - 10:25:00 (RTTNews)

(RTTNews) - Brazil's service sector expanded at the strongest pace in nearly two years in May on the back of robust demand conditions, survey results published by S&P Global showed on Wednesday.

The seasonally adjusted S&P Global Brazil Services Business Activity Index rose to 55.3 in May from 53.7 in the previous month. A score above 50 indicates expansion.

The latest upturn in the service economy was attributed to strong demand, rising customer numbers, and local events acting as key players in driving sales growth.

In line with rising new orders and improved output expectations, firms raised their staffing numbers in May, and the rate of job creation was solid and the joint-fastest rate since October 2022.

On the price front, input price inflation remained sharp due to higher fuel, material, rent, and wage costs. Nonetheless, the selling price inflation eased to an eight-month low.

The composite output index dropped to 54.0 in May from 54.8 in April, indicating the slowest expansion in the Brazilian private sector in four months. However, the overall growth was strong on the back of service providers.

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