The S&P Global Composite PMI for Brazil declined to 47.4 in September 2026 from 49.1 in August, signalling a third consecutive month of private-sector contraction. The downturn was the sharpest since September 2025, as the dominant services sector returned to contraction and manufacturing activity weakened further. Total new sales recorded their steepest decline since April 2021, reflecting a marked deterioration in demand. Employment fell again as workloads declined, with job losses at their highest in five-and-a-half years, although the decline remained moderate. Input-cost inflation increased from August, while selling-price inflation slowed to its lowest since February.