The Industrial Confidence Index (ICI), calculated by the Brazilian Institute of Economics (FGV/IBRE) increased 3.2% between June and July 2014, when it moved from 87.2 to 84.4 points. After the seventh consecutive decline, the index reached the lowest level since April 2009 (82.2 points).According to the institute the drop was mainly determined by assessments on the present moment: the Current Situation Index (ISA) declined 4.8%, to 85.8 points, while the Expectations Index (IE) decreased 1.8%, to 82.9 points. The July result lights a yellow light compared to the third quarter. Although the decrease in the number of holidays may favorably influence the production, demand continues to be a limiting factor to this growth, stated the deputy superintendent of Business Cycles at IBRE, Aloisio Campelo.Please click here and check out the full analysis (in Portuguese).