Brazil’s S&P Global Composite PMI climbed to 51.3 in February 2026, up from 49.9 in January, signaling a return to growth in the country’s private sector. The expansion was driven entirely by services, where the PMI increased to 53.1 from 51.3, while manufacturing output recorded a sharp contraction. Overall private sector new business rebounded, as resilient demand for services more than offset weaker goods sales. Employment picked up again across the private sector, with services leading job creation. Although input cost inflation softened to one of its lowest readings in two years, firms raised output prices at the fastest pace since July.