The S&P Global Composite PMI for Brazil fell to 46.0 in September 2025 from 48.8 in August, indicating the fastest contraction in close to four-and-a-half years in aggregate private sector activity. Manufacturers 46.5 versus 47.7 contracted further while service providers 46.3 versus 49.3 also declined. New orders decreased with factory orders falling sharply and services new business declining modestly, reflecting broadening demand weakness. Private sector employment edged higher as a marginal rise in services partially offset job cuts in manufacturing, leaving the pace of change modest. Input cost trends were mixed with sharp rises in services and a first fall in nearly two years at manufacturers, and output charges rose at the slowest rate since October 2023 as goods producers trimmed prices while services firms increased them.