LatinNews Daily - 1 November 2023

In brief: Brazil’s industrial lobby reports revenue decrease

* The Brazilian business lobby group for the industrial sector, Confederação Nacional da Indústria (CNI), has released its latest ‘industrial indicators’ report, which showed that the sector’s revenue saw a monthly decrease of 0.5% in September and a yearly decrease of 1.4% compared to last September. Other figures revealed in the report included a slight monthly decrease in manufacturing jobs (-0.1%) and a national capacity utilisation rate of 78.1% in September, down from the 78.4% registered in August. In a press release, CNI economist Larissa Nocko is cited as saying that the country’s high interest rates are continuing to “play a restrictive role on the economy”. The concerns expressed by the industrial lobby come despite the central bank (BCB) cutting interest rates in recent months. On 20 September the BCB lowered the benchmark interest rate (Selic) to 12.75% - the second consecutive rate drop. The BCB will decide later today (1 November) whether to lower it again.

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