Oct. 13 (Bloomberg) -- Brazil’s new index of commercial confidence rose in August and September, the central bank and the Getulio Vargas Foundation said.
The index, released for the first time today, is based on a survey of 17 sectors, including wholesalers, retailers, vehicle and auto parts and construction. It increased to 134.7 points in September from 132.3 points in August and 129.5 points in July, the central bank said.
“It indicates an index of confidence that is still elevated,” the central bank’s head of economic research, Tulio Maciel, told reporters in Brasilia.
The measure is based on the average of an index measuring perceptions of current demand, and an index of expectations. It is intended to provide a snapshot of the Brazilian economy and will be taken into account by the central bank’s rate-setting committee, Maciel said.
“The movement of the indicator supports the interpretation that the sector sustained a good level of activity at the end of the third quarter, but it is still insufficient to conclude that it entered a new phase of acceleration,” the Getulio Vargas Foundation said in a statement.
The index’s three-month moving average fell 1.6 percent in the third quarter from a year earlier, the central bank said.
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