Brazil Services Rise 0.6% in September, Hitting New Peak in Eighth Straight Gain

Overview

• Seasonally adjusted services volume rose 0.6% in September, the eighth monthly increase, after August was revised up to 0.2%.
• Activity reached a record level, standing 19.5% above the February 2020 pre-pandemic baseline.
• The monthly result exceeded the VALOR DATA median forecast of 0.4% from 24 consultancies and financial institutions.
• Transport and information & communication each advanced 1.2% while other services added 0.6%; professional and administrative services fell 0.6% and services to households declined 0.5%.
• Nominal service receipts increased 0.6% month over month and 8.4% year over year; real output rose 4.1% on the year with year-to-date growth at 2.8% and the 12‑month rate at 3.1%.