The ANZ Truckometer light traffic index lifted 0.1% month-on-month in May while heavy traffic fell 1.7% m/m.
Light traffic held onto the previous month’s jump and while heavy traffic (trucks and buses) dipped a little it remains on an upward trend.
ANZ chief economist Sharon Zollner says with two of three months of data in, the traffic data is suggesting GDP growth was “probably positive in Q2 as well”.
“Variation in light traffic is often a good indicator of consumers’ willingness to spend, as opposed to production.
“Light traffic is holding up remarkably well in light of near record-high petrol prices and consumers’ stated reluctance to spend.
“Overall, the data continues to show the economy settling back into its rhythm as the disruption from Omicron gradually wanes.
“That’s not to say that we are back in a world where we can estimate demand and assume the supply will be there to meet it. Labour shortages in the trucking industry remain extreme, as they are across most of the economy.
“Omicron and now flu-related absences are not helping,” Zollner says.
