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July saw the third consecutive SELIC interest rate increase (to 10.75%) which – whilst increased to a lesser effect that commonly predicted – was nevertheless criticised by industry leaders.  For the property industry, lending levels have shown no signs of abating although there have been visible drops in sales volumes and valuation estimates in the larger cities as well as clear indications of drops in the cost of construction materials to April 2009 levels. Business, consumer and industrial confidence remains broadly in line as with previous months as do average wage levels: directly related to the fact that unemployment continues to decrease (Ministry of Labour data pointed to 212,952 formal jobs being created in June).  For July’s full statistics and graphs, please click here (membership required which can be done quickly and easily here).