The ANZ Truckometerheavy traffic index saw a monthly lift of 1.8% in July, and is up 2.8% year-on-year.
The light traffic index rose 1.4% m/m in July and is up 0.9%y/y.
“The trend in light traffic has been only very mildly upward over recent months. In per capita terms, light traffic is going sideways,” ANZ chief economist Sharon Zollner says.
The heavy traffic data (mostly trucks, but also buses) tends to provide a steer on production GDP in real time.
“The [heavy traffic index] rose 1.8% in July but after falls in two of the last three months it’s fallen into a bit of a dip.
“In Q2, the HTI was down 0.1%, adding to the list of activity indicators suggesting the economy may have shrunk in Q2, but at least Q3 is off to a more positive start,” Zollner says.
