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You’d think that having a million foreigners flying hither and thither about your enormous country, dumping their dollars and euros and whatever into all manner of kit, feijoada and caiparinhas, might offer a little pick-me-up to the Brazilian economy. You know, like how it helped swell a little non-profit called FIFA’s coffers by $2.36 billion. But you’d be wrong.
Brazil’s National Confederation of Industry, or CNI, said in a report Friday that its leading indicator of industrial production fell to the lowest level since 2010, when the survey began. Capacity utilization fell to 68%, the lowest level on record for any month….
Labor Minister Manoel Dias said the World Cup was partially to blame for a “drastic drop in consumption,” which led to less hiring.
Just two years til Rio ’16!
World Cup Hit Brazil’s Economy Hard [WSJ MoneyBeat blog]