ANZ’s Truckometer – described in the April 12 edition of Dieseltalk (read here) – rose 1.2% last month, reversing March’s 0.8% fall, indicating that there may be a continuing trend back upwards.
The system is based on monitoring selected roads for traffic flow, which has proven to be a relatively good indicator of the economic condition of the country.
“With its unique six-month lead, the Truckometer is detecting glimmers of light that could signal the end of a tunnel that standard economic indicators are only just starting to reveal we are in,” says ANZ economist Sharon Zollner, who designed the indicator.
It’s too soon to be celebrating as some other economic indicators are still trending downwards. Confidence is, however, on the rise.
Consumer confidence in May was unchanged on the month prior, while consumer sentiment is stronger than a year ago, though the underlying spirit remains one of caution, says the ANZ-Roy Morgan consumer confidence report, released today.
“Our composite growth indicator – which comprises consumer confidence (current conditions) and indicators from the National Bank Business Outlook survey – forecasts 2.1% growth.
“This is respectable but hardly stellar, suggesting a continuation of “grumpy growth,” says the ANZ-Roy Morgan report..
