FX.co ★ Brazil Private Sector Activity Recovers to 8-Month High

In November 2025, the S&P Global Composite PMI for Brazil increased to 49.6 from 48.2 in October, indicating a slight contraction and marking the softest decline in an ongoing eight-month sequence. This improvement was primarily driven by the manufacturing sector, where the PMI rose to 48.8 in November from 48.2 the previous month. Additionally, the service sector experienced a rebound, with the Services PMI climbing to 50.1 from 47.7, signaling a return to growth. New business volumes experienced expansion, and for the first time in eight months, total sales at the composite level increased. There was a marginal rise in private sector employment as both manufacturing and services sectors contributed to the job market growth. Input cost inflation reached a recent peak, although the rate of increase in selling prices showed some easing. Nevertheless, price pressures remained notably more pronounced within the service industry.