FX.co ★ Brazil Services Activity Rebound

The S&P Global Brazil Services PMI increased to 50.1 in November 2025, up from 47.7 in October, indicating a return to expansion and signaling largely stable activity. Sales saw their first increase in seven months, although the growth was modest. Despite another pronounced rise in output prices—which stayed above their long-term average but eased from October—new orders experienced growth. Input costs continued their upward trajectory, with inflation reaching a three-month peak and remaining significantly above historical norms. Hiring was constrained by efforts to cut costs and skill shortages, though employment recorded a slight rise for the third consecutive month. The Future Output Index hit a six-month high, displaying heightened optimism for 2026, driven by expectations of increased demand, yet confidence remains below its long-term average.