Activity in Brazil's manufacturing sector increased at a slightly slower pace in March, data from a survey by Markit Economics and HSBC Bank showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector edged down to 51.1 in March from 51.4 in February. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline. The sector recorded growth for the third consecutive month.
Production in Brazilian factories increased at the fastest pace in ten months in March. New orders received by manufacturing firms grew at the strongest rate in one year, reflecting a sharp increase in client demand. Backlogs of work were accumulated for the second consecutive month in March.
Employment in the sector increased during the month, though job creation was only marginal and weaker than that registered in February.
Input prices grew further in March, mainly due to higher raw material prices and unfavorable exchange rates. Output prices increased for the first time in three months, though at a marginal rate.
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