NZ: Truckometer, back on track - ANZ

Sharon Zollner, Senior Economist at ANZ, suggests that a solid 6.7% bounce in the Heavy Traffic Index in August has put the upward trend in the ANZ Truckometer Heavy Traffic Index back on track.

Key Quotes 

• “The Light Traffic Index lifted 1%, remaining strong.
• The bounce-back in the Heavy Traffic Index confirms that we were right not to read too much into the recent pothole. The recent volatility in the index perhaps reflects the fact that parts of the economy, such as construction, are running full speed ahead, while others, such as agriculture, are more of a mixed bag.
• Turning to the detail: the Heavy Traffic Index1 rose 6.7% m/m (+1.7% m/m on a 3-month rolling average basis – levels charted below) in August. The Light Traffic Index2, which broadly leads growth in the economy by six months, rose 1.0% m/m (+1.0% m/m, 3-month average).”