The industry has shown stable behavior for a few months, operating within the same level, especially since April 2025. The conclusion is from André Macedo, manager of the Monthly Industrial Survey (PIM), released this Thursday (8), in Rio de Janeiro, by the Brazilian Institute of Geography and Statistics (IBGE).
He said the stability of industrial production, with 0% registration in November 2025is the best result since 2023, considering only the months of November, when it showed an increase of 1.1% at that time. In November 2024 there was a drop of 0.7%.
“When we look at the results of the historical series, there is a first quarter with a more important advance, even culminating in growth at the margin of the highest series of the year, which was the result of March with 1.8% growth”, he stated in a virtual interview to present the data, adding that, after this phase, the industrial sector experienced the initial loss movement for April and May and remained at this level.
Monetary policy
For the manager, the movement of greater dynamism for the industrial sector has an important relationship with a more restrictive monetary policy, mainly in a scenario of higher interest rates and monetary tightening that involves credit operations, making conditions and access to credit more expensive.
“This movement is closely associated with monetary policy, closely linked to the increase in interest rates. And it explains this lower intensity behavior that we have been observing for industrial production in recent months”, he stated.
According to Macedo, not by chance, it is the sixth month in the year 2025 that the result is very close to the margin. He recalled that in January industrial production was 0.1%, there was stability in February, 0.1% positive in June, -0.1% in July, 0.1% positive in October and this result of zero variation observed in November.
Robust job market
Despite this behavior, which has an important relationship with issues linked to monetary policy, the economy has recorded other favorable results. “There is still a positive field in the domestic aspect, which is a labor market that is still very robust, with an increase in the mass of income, employment levels at high levels and unemployment rates at low levels”, he noted.
Macedo also highlighted that this performance somehow boosts the domestic economy and consequently the industrial sector, although all this movement of lower intensity that marks industrial production has as a backdrop the more restrictive monetary policy and the increase in interest rates.
“This is very evident with the behavior of the industrial sector hovering around the same level since July”, he concluded.
