The S&P Global Brazil Services PMI rose to 47.7 in October 2025 from 46.3 in September, remaining below the 50.0 mark and signaling a further contraction. Output fell for the seventh straight month, though at a slower pace. New orders also declined for the seventh month, but the contraction was slight and the second-softest in the sequence. Some firms reported improved client interest. Employment increased marginally for the second consecutive month. Input cost inflation accelerated and remained well above its long-run average, while output prices rose at the fastest pace in three months. Despite ongoing weakness, business sentiment improved on expectations of softer inflation and stronger demand over the next year.