New Zealand ANZ Truckometer (heavy) for July: +2.6% (prior was -0.7%)

New Zealand ANZ Truckometer for July, comes in at +2.6%

• prior was -0.7%, revised down from -0.8%

From ANZ:

• The index suggests 2Q GDP growth may well be lower than in recent quarters
• But strong July result is a good start to Q3
• “While the two indexes agree Q2 is likely to see a slower pace of growth, the signs for the rest of the year remain very robust”

• “The ANZ Truckometer indexes diverged in July. In seasonally adjusted (sa) terms the Heavy Traffic Index lifted by 2.6%, while the Light Traffic Index was flat. Both indexes had fallen the month before. The Heavy Traffic Index is concurrent with GDP, whereas the Light Traffic index has a six month lead. Together, they suggest quarterly GDP growth in Q2 may slow compared to recent strong outturns, but that momentum will remain solid over the rest of the year.”