Activity in Brazil's services sector increased at a slightly faster pace in January, data from a survey by HSBC Bank and Markit Economics showed Friday.
The purchasing managers index (PMI) for the service sector rose to 55 in January from 54.8 in December. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.
New business in the service sector rose strongly during the month, while outstanding business decreased, though only marginally.
Employment increased for the first time since May 2011. Input price inflation faced by service providers quickened to the fastest in eight months, mainly owing to larger salary bills. Consequently, firms raised their selling prices during the month.
At the same time, the private sector output index, which measures activity in both manufacturing and service sectors, rose to 53.8 in January from 53.2 in December, marking the fourth consecutive monthly growth.
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