S&P Global Manufacturing PMI in Brazil

The S&P Global Brazil Manufacturing PMI is a diffusion index based on a monthly survey of purchasing managers in Brazilian manufacturing. Above 50 signals expansion versus the previous month; below 50, contraction.

A weighted composite of five sub-indices: new orders (30%), output (25%), employment (20%), suppliers' delivery times (15%) and stocks of purchases (10%). Seasonally adjusted.

It is a leading indicator of Brazil's cycle, released ahead of the national accounts and official industrial output, and markets treat it as the first read of the month, with an impact on the real and on central bank expectations.

A qualitative survey: it measures the direction of change, not its size. The sample is private firms and the seasonal adjustment factors are revised from time to time.