The S&P Global Brazil Services PMI fell to 51.3 in January 2026 from 53.7 in December, pointing to a slower and only marginal expansion. Growth in business activity eased as new orders rose at the weakest pace in the current three-month growth streak. Reports of limited new work weighed on sentiment, with business confidence dropping to a six-month low and remaining well below its long-run average. As a result, hiring stalled and service providers cut jobs for the first time in five months, though the decline was mild. Inflation in the sector eased to a 20-month low, broadly aligning with historical norms. Prices charged rose at the slowest pace in seven months but remained elevated.