Brazil’s Industrial Production Takes a Hit at the Start of the Third Quarter

Bloomberg — Brazil’s industrial production fell more than expected in July as steep borrowing costs cause uneven growth in Latin America’s biggest economy.

Production declined 0.6% from the month prior, more than the -0.3% median estimate from analysts surveyed by Bloomberg. From a year ago, industry decreased 1.1%, the national statistics agency reported Tuesday.

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Brazil’s gross domestic product shot past expectations in the second quarter, powered by services and a robust labor market. But double-digit borrowing costs have weighed particularly hard on industry, putting financing out of reach for many.

President Luiz Inacio Lula da Silva has tried to lift the manufacturing sector through tax incentives and other relief measures. The left-wing leader has seen his popularity soar as perceptions of the economy improve.

--With assistance from Giovanna Serafim.

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