UPDATE 1-Brazil services activity falls, boding 1st-quarter GDP contraction [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
UPDATE 1-Brazil services activity falls, boding 1st-quarter GDP contraction - Reuters 2 Min Read (Adds detail, context) By Jamie McGeever BRASILIA, May 14 (Reuters) - Activity in Brazil’s services sector fell 0.7% in March from the month before, government statistics agency IBGE said on Tuesday, a decline far greater than expected and another strong sign that the economy contracted in the first quarter. The 0.7% drop in activity was substantially bigger than the median forecast in a Reuters poll of economists of a 0.1% decline, and brought the accumulated decline in the first quarter to 1.7% compared with the October-December period. The IBGE figures dovetailed with IHS Markit purchasing managers index data last week that showed Brazil’s services sector, which accounts for around 70% of the overall economy, shrank in April for the first time since September last year. They also come on the same day that minutes from the central bank’s May 7-8 policy meeting showed policymakers admitti
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