Data release: 10/14/2022
In August, the services sector again surprised the market with a growth of 0.7% against expectations of +0.2%
- Positive highlights: other services (6.7%), information and communication (0.6%) and services provided to families (1.0%)
- Negative highlights: transport (-0.2%) professional, administrative and complementary services (0.0%) showed stability.
View: Once again, the services sector shows a strong resilience to the country’s monetary environment and with expectations still positive due to the new aid in the amount of BRL 600 and the labor market still heated. Apparently, the services sector should continue to sustain economic activity with a positive bias in this third quarter, but with signs of a marginal slowdown, given the weaker industry and retail data.
