Brazil’s S&P Global Services PMI fell to 50.1 in March from 53.1 in February, indicating broadly no change in output. Companies cited demand retrenchment, lower customer onboarding, squeezed household incomes, and challenging economic conditions. New orders decreased for the first time in five months, albeit marginally. Output price inflation was sharp and the strongest since October, while input costs rose at the fastest pace in four months. Employment increased for the second consecutive month at a moderate pace, with job creation strengthening from February. Services companies remained confident of output growth over the coming 12 months, though positive sentiment fell from February and was below the series trend.
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