The ANZ Truckometer indexes went in different directions in February, showing weak signals in light traffic volumes and average rates of growth in heavy traffic.
The heavy traffic index was up 0.4% month-on-month but the light traffic was down 1.3% month-on-month.
ANZ senior economist Liz Kendall says the heavy traffic index “suggests a decent start to the year for activity” but the light traffic index, with a six-month lead time on real GDP measurements, “is continuing to suggest that momentum in the economy has turned”.
“Annual growth in the heavy traffic index has bounced back to pretty average rates of growth – no strong signals there.
“Annual growth in the light traffic index remains at its lowest levels since early 2014 and also demonstrates that the economy may be tiring,” Kendall says.
