NZ: Truckometer indexes lifted in August – ANZ

New Zealand’s ANZ Heavy Traffic Index lifted 1.1% m/m in August (seasonally adjusted), notes Sharon Zollner, Chief Economist at ANZ.

Key Quotes

“In broad terms growth in the index is remaining in a respectable range. It certainly doesn’t suggest the economy is falling into a hole.”

“The Light Traffic Index rose 0.9% m/m in August (sa). This index gives a 6-month lead on the direction of the economy and is best interpreted as a measure of momentum.”

“Growth in this index has been outpacing the usual relationship with GDP growth of late but the previous flattening off is consistent with our expectation that the economy will continue to gently lose steam in the near term. However, it is encouraging that monthly growth has picked up again, lifting in three of the past four months.”