The ANZ Truckometer indexes were “pretty stable” in March with a modest outlook for economic growth.
The heavy traffic index fell 2% month-on-month while the light traffic index lifted 0.7% month-on-month.
ANZ chief economist Sharon Zollner says there was “probably some luck involved but the ANZ heavy traffic index has picked quarterly GDP growth pretty well of late”.
“It suggests a continuation of pretty modest growth in Q1.
“While the light traffic index suggests a broad loss of momentum, and in particular unimpressive growth in Q2 and Q3, there are tentative signs of a bottoming.
“It has also picked quarterly GDP growth pretty well over the past year. It is a bit more optimistic about Q1 growth than the heavy traffic index is, but on the other hand suggests disappointing quarterly GDP growth from here on in.
“GDP data takes three months to calculate, so we’ll be watching the timelier monthly indicators for corroboration of this – including the heavy traffic index,” Zollner says.
