Brazil Service Sector Contraction Eases In July

(RTTNews) - Brazil's service sector contracted the least in more than a year during July as the fall in new business and production slowed, survey data from Markit showed Wednesday.

The Markit Brazil Services Activity Index rose to 45.6 from 41.4 in June. A score below 50 suggests decline in activity.

The composite output index that combines manufacturing and services, climbed to 46.4 in July from 42.3 in June.

Both readings were the highest since March 2015.

The service sector witnessed slight easing in job shedding, which remained severe. Despite a sharp increase in input costs, firms lowered prices for the fourth straight month in a persistent bid to stimulate demand.