The latest economic data from the US indicates a mixed scenario:

1. **Unemployment**: The unemployment rate is at 3.5%, showing a still robust labor market².

2. **Economic Growth**: GDP grew 2.4% in the last quarter, exceeding expectations².

3. **Inflation**: Annual inflation is at 3.2%, a slight slowdown compared to previous months².

Based on this data, the market may be interpreting **Bearish** signals due to the slowdown in inflation, but economic growth and low unemployment may suggest a **Bullish** scenario. The final interpretation depends on how investors assess the balance between these factors.

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08/28/2024

(1) Indicators Panel | IBGE. https://www.ibge.gov.br/indicadores.

(2) Selected Economic Indicators - Central Bank of Brazil. https://www.bcb.gov.br/estatisticas/indicadoresselecionados.

(3) Macroeconomic Report - bnb.gov.br. https://www.bnb.gov.br/s482-dspace/bitstream/123456789/973/1/2021_INMA_32.pdf.

(4) Economic activity: recent data and forecasts for 2021 and 2022. https://www.ipea.gov.br/cartadeconjuntura/index.php/2021/08/atividade-economica-dados-recentes-e-previsoes-para-2021-e-2022/.