The S&P Global Composite PMI for Brazil fell to 46.6 in July 2025 from 48.7 in June, indicating a further and steepest contraction in aggregate private-sector activity since early 2021. Manufacturers (48.2 vs 48.3) joined service providers in the downturn (46.3 vs 49.3). New orders contracted at the quickest pace in 51 months across both sectors, reflecting widespread demand weakness. Private-sector employment decreased for the first time in nearly two-and-a-half years, driven by job losses in services despite marginal growth in manufacturing. Input-cost inflation receded to an eight-month low, while output charges rose at the fastest pace since March.