Brazil: Private Sectors Returns to Contraction.

The S&P Global Composite PMI for Brazil fell to 49.5 in May 2026 from 52.4 in April, indicating a renewed contraction after a solid expansion in the previous month. The downturn was driven by a sharp decline in manufacturing, while services activity growth slowed markedly to near stagnation. A moderate drop in total new orders constrained job creation, with employment growth easing to its weakest pace over the current four-month expansion period. Meanwhile, cost pressures were among the highest in four years, largely concentrated in manufacturing. Likewise, charge inflation stood at its second-highest level since July 2022.