The S&P Global Composite PMI for Brazil fell to 47.4 in September 2026 from 49.1 in August, indicating a third consecutive month of contraction in the country’s private sector. This downturn was the sharpest since September 2025, reflecting a return to contraction in the dominant services sector and a further weakening in manufacturing activity.
Demand deteriorated markedly, with new orders declining at their fastest pace since April 2021. In addition to budget constraints and geopolitical uncertainty, both firms and clients appeared to adopt a wait-and-see stance ahead of the first round of the presidential election.
Softer demand and lighter workloads prompted further job cuts, with employment falling at the quickest rate in five-and-a-half years, though the overall drop in staffing levels remained moderate.
On the price front, input cost inflation accelerated compared with August, but the rise in output charges eased to its weakest pace since February.
