Brazil Industrial Confidence Posts Weakest January in a Decade Despite Slight Uptick

Overview

• The ICEI edged up 0.5 point to 48.5 in January, staying below the 50 threshold that signals confidence.
• The Index of Current Conditions rose to 44.0, while the Index of Expectations ticked up to 50.7.
• Expectations improved on companies’ own outlooks, as assessments of the broader economy turned more negative.
• CNI surveyed 1,058 firms between January 5 and 9, spanning small, medium, and large manufacturers.
• The reading is the weakest January since 2016, with CNI’s Marcelo Azevedo linking the slump to rate hikes that began in late 2024.