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Brazil consumer confidence falls for 2nd straight month in Nov
November 26, 2012 / 10:56 AM / 5 years ago

Brazil consumer confidence falls for 2nd straight month in Nov

* Confidence index falls from 121.7 in October

* Gauge still remains above historical average

SAO PAULO, Nov 26 (Reuters) - Consumer confidence in Brazil fell in November for the second month in a row as the outlook for the economy in the coming months showed the weakest reading since February, a private survey showed on Monday.

Brazilian think tank Fundação Getúlio Vargas said its consumer confidence index fell to a reading of 120.0 in November from 121.7 in the prior month on a seasonally adjusted basis.

Despite the drop, the index remained above its historical average, FGV said in a report. Robust consumption, supported by low unemployment and rising salaries, has been Brazil’s main growth engine over the past decade.

The survey’s barometer of current economic conditions dropped to a reading of 136.7 from 137.7 in October, while the gauge for consumer expectations about the next six months slipped to a reading of 111.6 from 113.8, the lowest since February.

The share of consumers who consider current economic conditions as “good” shrank to 24.7 percent from 24.9 percent, and the share of those who see conditions as “bad” rose to 22.0 percent from 20.3 percent in October.

The share of consumers who expect an improvement in economic conditions shrank to 32.6 percent from 34.0 percent, while the share of those who expect worse conditions rose to 14.1 percent from 11.7 percent one month before.

FGV’s consumer confidence survey is based on interviews with over 2,000 people in seven large Brazilian cities between Oct. 31 and Nov. 22.

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