The ANZ Truckometer heavy traffic index rose 3.5% month-on-month for January signalling “modest” fourth quarter GDP growth.
This was a gain of around half its falls in the previous two months.
The light traffic index bounced 2.2% m/m, but suggests “waning momentum” with a gradual downward trend over a six-month average, according to the index.
ANZ chief economist Sharon Zollner says “the lift in the heavy traffic index in particular was half-hearted”.
“Time will tell if it’s just a pothole or something more meaningful.
“Annual growth in the heavy traffic index is towards the bottom end of the range that has been seen over recent years but isn’t sending any strong signals just yet.
“The light traffic index is suggesting that the recent loss of economic momentum is set to continue – if not worsen – over the coming six months.”
