LATAM Today: July 29, 2026

First-page research excerpt

Economics Research

29 July 2026 | 8:06AM EDT

LATAM Today: July 29, 2026

BRAZIL

Consumer and Manufacturing Confidence Softened in July; Construction

Pessimism Eased Slightly

Bottom Line: The FGV consumer confidence index declined by 0.4pt in July to 88.3,

adding to the small May/Jun 0.3/0.1pt declines. The headline index was dragged by the

current conditions’ component (-2.6pt to 84.4). The expectations component rose 1.1pt to

a still soft 91.5 and remains in pessimistic territory and also below the Dec-25 level.

Manufacturing confidence declined 2.9pt to 97.2, reflecting weaker current conditions and

expectations, and pushing the headline index back into pessimistic territory. Construction

confidence increased 0.8pt to a still-depressed 92.5, marking the first gain in four months

and driven mainly by the current conditions’ component.

Alberto Ramos

+1(212)357-5768 |

Goldman Sachs & Co. LLC

Sergio Armella

+1(212)357-9077 |

Goldman Sachs & Co. LLC

Santiago Tellez

+1(212)855-0367 |

Goldman Sachs & Co. LLC

DETAILS:

1. The FGV consumer confidence index fell 0.4pt in July to 88.3, following

modest declines of 0.3pt in May and 0.1pt in June. Confidence is tracking slightly

below its end-2025 level. The current conditions component dropped 2.6pt to

84.4, interrupting three consecutive monthly gains, while the expectations

component rose 1.1pt to 91.5, still below the Dec-25 reading of 93.8. Both

components remain in pessimistic territory.

2. Business confidence in manufacturing declined by 2.9pt in Jul to 97.2, driving

the headline index back into pessimistic territory. The component measuring

current conditions declined 2.2pt to 99.9 and the expectations component by

3.7pt to 94.6. Capacity utilization declined 0.1pt to 82.9 (still above the historical

average).

3. Business confidence in the construction sector rose by 0.8pt to a still low

92.5 in Jul (first increase in four months), with the current conditions component

up 1.5pt to 92.1, and the expectations component up by a minor 0.1pt to 93.0.

Data This Week:

Tomorrow: Bank Lending (Jun); Credit origination rose a minor 0.1% mom sa in real

terms in May.…