The Trade Confidence Index (ICOM), elaborated by FGV's Brazilian Institute of Economics (IBRE), evolved positively in August, registering a quarterly inter-annual change of minus 2.8% against minus 3.4% in the last quarter of the year, up until July. According to IBRE, the main contribution to the result of August came from the indicator that measures the degree of satisfaction compared to the current moment, which had sharply decreased due to the popular demonstrations that happened in Brazil. The recovery of this indicator suggests the return of the sector to a moderate pace of activity in the third quarter of 2013. Please click here to check out the full research (in Portuguese).