The ANZ Truckometer heavy traffic index fell 0.3% in March and is down 0.7% for the quarter.
ANZ chief economist Sharon Zollner says while it’s not a positive result there is still “reasonable momentum.”
“This isn’t a strong signal for GDP growth, but the index has been volatile lately. With anecdote suggesting a decent quarter, we will wait for more pieces of the GDP puzzle before drawing any conclusions.
“On the other hand, the light traffic Index bounced 2.2% [month-on-month], after a few months of fairly lacklustre performance.
“This index is giving a softer signal for growth from mid-year, but the bounce-back is encouraging. In addition, annual growth remains strong. However we have seen a marked deceleration in recent months that bears watching,” Zollner says.
