The sales volume performance in September confirms the stagnation and loss of momentum in activity that other indicators were already indicating, mainly as a result of rising household debt and very high interest rates, which are now hurting consumers even more seriously. In the third half of 2025, these two factors were unable to overcome the labor market, which remains a positive point. This assessment was prepared by economist Giorgia Veloso, researcher at the Brazilian Institute of Economics at Fundação Getulio Vargas (FGV Ibre).
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