ANZ's 'Truckometer' is an indicator of traffic flows in New Zealand, used as a proxy for GDP

  • Heavy Traffic +4.1% m/m
  • Light Traffic +1.5% m/m

ANZ comment:

  • annual growth in light traffic flows has at least found a ledge (it's too soon to call it a floor), consistent with our expectation that economic growth will gradually improve over the second half of the year
  • Heavy traffic growth has been holding up better but we suspect it overstated the economy's strength in the June quarter.

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New Zealand dollar being shifted around by RBNZ and external developments, not so much by the economic data.