FGV: Brazilian consumers show caution and confidence falls in August.
The slow recovery of the labor market and uncertainties have left Brazilian consumers cautious, and confidence worsened again in August, according to the Getulio Vargas Foundation (FGV); the Consumer Confidence Index (ICC) fell 0,4 points in August compared to the previous month to 83,8 points, after interrupting a series of three consecutive declines in July.
SAO PAULO (Reuters) - The slow recovery of the labor market and uncertainties have left Brazilian consumers cautious and confidence worsened again in August, the Getulio Vargas Foundation (FGV) reported this Friday (24).
The Consumer Confidence Index (ICC) fell 0,4 points in August compared to the previous month, to 83,8 points, after interrupting a series of three consecutive declines in July.
“Given the slow recovery of the labor market, the high level of uncertainty, the risk of accelerating inflation, and the difficulties in achieving a balanced family budget, consumers are maintaining a conservative and cautious stance regarding discretionary spending. This discouragement will have a reducing effect on household consumption throughout the second half of the year,” explained Viviane Seda Bittencourt, coordinator of the Consumer Survey, in a statement.