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New Zealand’s ANZ Truckometer indexes bounced in January, but the lift in the Heavy Traffic Index in particular was half-hearted, notes the research team at ANZ.

Key Quotes

“Time will tell if it’s just a pothole or something more meaningful.”

“The Heavy Traffic Index rose 3.5% m/m, regaining around half its falls in the preceding two months. It is suggesting modest Q4 GDP growth.”

“The Light Traffic Index bounced 2.2% m/m, but the trend suggests waning momentum.”