Activity in Brazil's manufacturing sector decreased for the second consecutive month in May, though modestly, data from a survey by Markit Economics and HSBC Bank showed Friday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector remained unchanged from the previous month at 49.3 in May. A PMI reading below 50 shows contraction in the sector, while one above suggests growth.
New orders received by Brazilian manufacturers decreased for the second straight month in May, though at a slower rate. Output at factories decreased in May at a rate broadly similar to that registered in April, reflecting the fall in order volumes.
Firms reduced their workforces for the second successive month in May, owing mainly to lower production requirements.
Input prices increased further during the month and the rate of growth hit 11-month high, driven mainly by higher raw material prices and unfavorable exchange rates. Consequently, output prices move up as firms passed on larger cost burdens to clients by raising their selling prices.
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