The Getulio Vargas Foundation (FGV), a leading economic think tank, said the Trade Confidence Index (Icom) fell 1.2 points in quarterly terms, putting an end to four months in a row of increases.
"This month's decline was influenced by the perception of a decrease in the pace of sales," among other factors, said the FGV.
The report noted that the difficulty in recovering consumer confidence and the negative outlook for the labor market suggest recovery may still face obstacles.
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