The Brazilian Central Bank’s Economic Activity Index (IBC-Br) fell back by 0.51 percent in May against April, a blow to policy-makers hoping for a slow but steady economic recovery. In April, the index showed a slight but hopeful increase in economic activity of 0.03 percent. The May index was down 4.92 percent against May of 2015. Economic activity was weakest in the retail sector, with industry and services showing zero month-on-month growth. Consumers are still holding back due to high interest rates and worries about job security, economists said.
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