Confidence among Brazil’s traders improved last month, according to a survey by the National Trade Confederation of Goods, Services and Tourism, known by the acronym CNC.

The Trade Entrepreneur Confidence Index reached 97.3 points in October, increasing by 18.7 percent from the same time 12 months ago. A reading below 100 is considered a negative outlook.

“Although trade entrepreneurs’ confidence has registered a positive evolution in recent months, consumers continue to be cautious in their decision,” says CNC economist Izis Ferreira.