FX.co ★ Brazil Manufacturing PMI Hits 29-Month Low

The S&P Global Brazil Manufacturing PMI decreased to 46.5 in September 2025 from 47.7 in August, marking the most significant decline in operating conditions over the past 29 months. The sector experienced its weakest quarterly performance since the second quarter of 2023, with new orders, output, and input purchases declining at the most rapid rate since April 2023. Companies lowered their inventories, while overseas sales experienced a slight drop. This decline was influenced by US tariffs leading to order cancellations, although it was partially mitigated by increased demand from countries like Argentina, Italy, Mexico, Uruguay, and the UK. Employment showed a slight increase, while overall sentiment remained positive. For the first time since late 2023, input costs decreased, providing companies with the opportunity to reduce output prices.