The ANZ Truckometer light traffic index rose 0.6% m/m in August, while the heavy traffic index fell 0.7%.
“The trend in light traffic remains flat, matching overall economic activity as measured by GDP, but down in per capita terms,” ANZ chief economist Sharon Zollner says.
Light traffic typically provides a six-month lead on momentum in the economy – variation in it reflects discretionary spending on things such as outings, movement of couriers and tradespeople.
Heavy traffic data tends to provide a good steer on production. The index is 3.3% lower than a year ago, while light traffic is 1.1% lower.
“The overall signal regarding economic activity remains weak,” Zollner notes.
