Brazil’s Services Slip 0.1% in November, Ending Nine-Month Rising Streak

Overview

• In seasonally adjusted terms, services fell 0.1% from October after a revised 0.4% gain in October, the first monthly decline after nine advances.
• Output was 2.5% higher than a year earlier, marking the 20th consecutive annual increase and leaving the sector 0.1% below its October peak and about 20% above pre‑pandemic levels.
• Transport (-1.4%) and information and communication (-0.7%) drove the dip, while professional and administrative services rose 1.3%, other services advanced 0.5%, and services to households were flat.
• Nominal service revenue increased 0.6% on the month and 6.6% year over year, with volume up 2.7% in both the year to November and the 12‑month measure.
• Activity fell in 17 of 27 states, with notable drops in the Federal District, Amazonas, Rio de Janeiro, and Bahia, while São Paulo, Minas Gerais, Pernambuco, and Pará rose, the latter up 2.6% with a COP30-related boost.