The ANZ Truckometer shows “annual growth broadly steady” with the heavy traffic and light traffic index both up in August.
Heavy traffic was up 1.1% month-on-month and light traffic up 0.9% m/m.
“Earlier weakness in the light traffic index is consistent with the economy losing momentum in the near term, but with two of three months in, the heavy traffic index is looking supportive,” ANZ chief economist Sharon Zollner says.
“In broad terms growth in the heavy traffic index is remaining in a respectable range. It certainly doesn’t suggest the economy is falling into a hole.
“Growth in the light traffic index has been outpacing the usual relationship with GDP growth of late but the previous flattening off is consistent with our expectation that the economy will continue to gently lose steam in the near term.
“However, it is encouraging that monthly growth has picked up again, lifting in three of the past four months,” Zollner says.
