The S&P Global Brazil Composite PMI fell to 49.9 in January 2026 from 52.1 in December, signaling broadly stagnant private-sector activity at the start of the year. While services output continued to expand, growth slowed sharply and failed to offset a deeper contraction in manufacturing production. New orders edged lower and employment declined for the first time in three months, with modest job losses across both services and industry. Meanwhile, input costs and output prices rose at the fastest pace in two months.