“The main message from the latest HSBC Manufacturing PMI index is that the deterioration in Brazil’s manufacturing sector business conditions continued to ease in December. The headline index remains just under the 50.0 waterline (49.1), indicating that the sector is still contracting, but this was nonetheless the third consecutive monthly rise in the PMI. Overall, the PMI suggests that the worst of the current economic downturn may indeed be behind us.”
-Andre Loes, Chief Economist, Brazil at HSBC

(click here if chart is not observable)