The ANZ Truckometer is showing a “bounce-back” after some volatility with a lift in October.
The heavy traffic index bounced back 4.6% month-on-month after a soft September quarter.
The light traffic index rose 0.4% month-on-month with annual growth continuing to slow as the trend flattens off.
ANZ chief economist Sharon Zollner says the Truckometer is showing a “soft signal” for the third quarter “but the bounce-back in the October month is more promising”.
“The ANZ heavy traffic index has been quite volatile lately, but at face value, the index suggests that another quarter of GDP growth approaching 1% q/q is perhaps unlikely.
“Perhaps reflecting strong population growth, growth in the light traffic index has been outpacing the usual relationship with GDP of late.
“However, like GDP, it has been growing more slowly, consistent with our expectation that growth will moderate in the second half of the year,” Zollner says.
