Monday, July 4, 2022

Brazil consumer confidence falls for second month in a row: FGV By Reuters

-



By Jamie McGeever

BRASILIA (Reuters) – Consumer confidence in Brazil fell in November for the second month in a row, a survey showed on Wednesday, reflecting growing concern over the COVID-19 pandemic and its impact on the economy, and the looming end of emergency government income transfers.

Government officials have trumpeted the economy’s ‘V-shaped’ rebound from the depths of recession earlier this year and are bullish on next year, which they say could see the economy growing by 4% or even more.

But the Getulio Vargas Foundation’s (FGV) consumer confidence index for November suggests consumers are becoming increasingly cautious, with government support due to expire on Dec. 31 and signs the pandemic is creeping back.

The index fell 0.7 points to 81.7 points in November, a second straight decline following a run of five increases from April’s record low 58.2, and slipping further back from the pre-pandemic level of 87.8 in February.

(Graphic: Brazil consumer confidence https://fingfx.thomsonreuters.com/gfx/mkt/dgkvlaknwpb/CONSCONF.png)

“With the probable end of the period of emergency benefits, many consumers who lost their jobs this year are expected to return to the job market at a time when companies will still be postponing hiring or firing, especially in the event of a second wave of COVID-19,” said FGV survey manager Viviane Seda Bittencourt.

Confidence about conditions fell 0.6 points to 71.8, and future expectations fell 0.9 points to 89.3, FGV said.

The economic expectations sub-index fell 3.8 points to 106.8, the biggest driver of the overall decline in future expectations, FGV said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US

0FansLike
3,376FollowersFollow
0SubscribersSubscribe
spot_img

Related Stories