Brazil & Southern Cone - June 2009 (ISSN 1741-4431)

The industrial output figures for April were a bit better than independent analysts had feared. Although output fell year-on-year, it was up on a seasonally adjusted basis over March. This is a better result than it appears, because Easter fell in April this year, which meant that there were five fewer working days in April (17) than in March (22).  The official figure, from Indec, showed a 3.3% rise in seasonally adjusted output (i.e. reflecting Easter) and a 2.3% increase in unseasonally adjusted output.

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