The ANZ Truckometer indexes of New Zealand economy fell in September as the Heavy Traffic Index fell 2.6% m/m to be up just 0.4% in the September quarter, while the Light Traffic Index fell 0.7% m/m (+1% q/q), notes the research team at ANZ.
Key Quotes
“We now have complete data for Q3. The monthly fall in the Heavy Traffic Index means the Truckometer is now suggesting the risks around GDP growth in the quarter are skewed towards a weaker outturn.”
“The Light Traffic Index leads GDP growth by six months. It concurs that Q3 growth could be on the low side, but suggests weakness may not persist.”
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