Overview

• August’s 0.8% month‑on‑month increase follows four months without growth and offsets only part of a 1.2% decline from April to July, leaving the five‑month balance at −0.4%.
• Gains were relatively widespread, with 3 of 4 major categories advancing and 16 of 25 sectors higher, while capital goods production fell 1.4% from July.
• Twelve‑month growth eased to 1.6%, and output remains well below historical peaks, including overall industry at −14.4% from May 2011 and consumer durables at −31.2% from June 2013.
• Several export‑exposed activities posted August declines, including wood products (−8.6%), machinery and equipment (−2.2%), chemicals (−1.6%), electrical equipment (−1.1%), and leather and footwear (−3.6%).
• IBGE notes companies cite additional U.S. duties as a headwind but says the aggregate impact cannot be quantified, with high interest rates also weighing as some analysts say the data reduce the risk of a Q3 GDP contraction.