FX.co ★ Brazil’s Services Momentum Cools as S&P Global PMI Slips to 51.3 in January

Brazil’s services sector lost some steam at the start of 2026, with the S&P Global Services Purchasing Managers’ Index (PMI) easing to 51.3 in January from 53.7 in December 2025.

The latest reading, published on 4 February 2026, still signals expansion in Brazil’s services economy, as it remains above the 50-point threshold that separates growth from contraction. However, the slowdown from December’s level suggests a softer pace of activity and may indicate that demand conditions are becoming less robust after a stronger end to 2025.

While the sector continues to grow, the weaker January figure could lead investors and policymakers to watch incoming data more closely for signs of whether the moderation is temporary or the start of a more sustained cooling in Brazil’s services-driven momentum.