Summary
The services sector showed stability at the margin In November, slightly below expectations (0.2% MoM).
Positive highlights
Transportation (0.3% MoM) and professional, administrative, and complementary services (0.2% MoM).
Negative highlights
Information and communication (-0.7% MoM), other services (-2.2% MoM), and services rendered to families (-0.8% MoM).
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The services sector showed a weaker-than-expected performance in November, with other services rendered to families’ breakdown drop. The deceleration is related to the tightening monetary policy, which has slowed the credit market. We believe that the sector will slow down further in the following months, considering the end of the reopening process after the pandemic and the worsening of consumer and business confidence.
