S&P Global Services PMI in Brazil

The S&P Global Brazil Services PMI (Business Activity Index) is a diffusion index based on a monthly survey of purchasing managers in the Brazilian services sector. Above 50 signals expansion versus the previous month.

A diffusion index of services business activity, based on a single question about the change versus the previous month, seasonally adjusted.

It is a leading indicator of Brazil's cycle and, given the weight of services in GDP, an early signal of domestic demand. 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.