Traffic volumes gave a mixed picture of economic momentum in August, according to the latest ANZ Truckometer.
The light traffic index (LTI) rose 1% in the month and is now 1.5% higher than a year ago. By contrast, the heavy traffic index (HTI) fell 1.3%, though it remains up 2.6% year-on-year.
Light traffic — which includes motorbikes, cars and vans — typically provides a six-month lead on momentum in the economy, reflecting discretionary spending on outings, as well as movement by couriers and tradespeople.
“The trend in light traffic has been only very mildly upward over recent months. In per capita terms, light traffic is finally starting to turn higher,” ANZ chief economist Sharon Zollner says.
Heavy traffic data, which is mostly trucks but also includes buses, tends to give a real-time steer on production GDP.
“The HTI fell 1.3% in August and has lost a bit of momentum lately. However, the index is still up 2.6% versus a year ago,” Zollner says.
