August 2, 2018 / 1:37 PM / 3 months ago

UPDATE 1-Brazil's June industrial rebounds from strike-driven rout

 (Adds data details, economist comment)
    By Bruno Federowski
    BRASILIA, Aug 2 (Reuters) - Brazil's industrial output rose
in June at the fastest pace on record, data showed on Thursday,
rebounding from a rout the month before due to a nationwide
truckers' strike.
    Still, the increase was below analyst expectations,
reinforcing the outlook for a slow recovery from the deepest
recession in decades.
    Industrial production expanded 13.1 percent in June from
May, government statistics agency IBGE said on Thursday, the
highest reading since records began in 2002. It declined 11
percent in May, according to newly-revised data, compared with a
previously reported 10.9 percent decline.           
    Output rose 3.5 percent from a year ago, IBGE added. 
    Economists polled by Reuters had forecast a 14.1 percent
monthly increase and a 4.55 percent annual rise.
    "The outlook is still the same, but production stepped up to
offset the shock triggered by the strike," IBGE economist André
Macedo said.
    Truckers protesting against high diesel prices blocked major
highways in the final weeks of May, nearly paralyzing key
corporate sectors and driving widespread product shortages.
    The central bank acknowledged on Wednesday that the strike
would likely further curb Brazil's economic recovery, while only
bumping up inflation temporarily.

 (Reporting by Bruno Federowski
Editing by Susan Thomas)
  
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