Heavy traffic is down while light traffic is up according to the latest ANZ Truckometer results.
The heavy traffic index fell 0.4% month-on-month but annual growth continues to lift.
The light traffic index lifted 0.4% m/m with annual growth gradually easing.
“In broad terms growth in the heavy traffic index is going sideways, but in the context of weaker business confidence results of late, the data provides reassurance that there is still plenty happening out there,” ANZ chief economist Sharon Zollner says.
“The light traffic index leads the broader economy by 6 months. Growth in this index has been outpacing the usual relationship with GDP growth of late but the cooling in the trend is consistent with our expectation that the economy will continue to gently lose steam. However, it’s certainly not suggesting anything untoward.”
