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Economic Research

Brazil: Industrial Output Disappointed in July

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2:00:00 PM | Last Updated

  • Industrial production accelerated 0.4% m/m seasonally adjusted in July after falling 1.1% m/m in June (revised down from -1%). The result came in weaker than what consensus had expected—0.8% m/m—but it was broadly in line with RGE’s 0.5% m/m. Despite July’s gain, the three-month moving average (3MMA) stayed in contraction territory at -0.3% 3MMA versus -0.7% 3MMA to June, and it pushed the q/q annualized rate (SAAR) to a 1.1% decline to July from a 5.3% expansion in Q2 2010. On a year-over-year basis, industrial output surprised to the downside at 8.7% y/y (consensus, 9.5% y/y;[...]

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