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RIO DE JANEIRO, BRAZIL - November's industrial production, released on Thursday, January 9th by the Brazilian Institute of Geography and Statistics (IBGE), was a real "bucket of cold water" for those who expected a steady - and relatively quiet - recovery of Brazilian economic activity in 2020.

Following three consecutive months of rebound, the industry halted its upward trajectory and saw a 1.2 percent decline in November compared to October, or a 1.7 percent drop in the annual comparison, surprising in a rather negative way the expected 0.7 percent drop in the monthly basis and 0.8 percent in . . .

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