The drop in Brazil’s manufacturing PMI in October, to a five-year low of 44.1, is an early (and ominous sign) that the country’s recession continued into Q4. Perhaps the one crumb of comfort in today’s data is that the weakness still appears be concentrated domestically – the external sector has continued to benefit from a weaker real. Meanwhile, Mexico’s PMI edged up last month, suggesting that conditions in its manufacturing sector may improve over Q4.
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