ANZ Truckometer Heavy index
The NZ ANZ Truckometer heavy index for April was released and came in at 1.4% vs -0.3% in March.
The light traffic index came in at -0.5% vs 1.9% in March. Despite the rise, ANZ says the data suggests that the trend is sending a soft signal for GDP from the mid-year.
The index is a set of 2 economic indicators derived using traffic volume data from around the country. Traffic flows are real time and real-world proxy for economic activity. It represents an extremely timely barometer of economic momentum. The ANZ heavy traffic index shows a strong contemporaneous relationship to GDP. The ANZ light traffic index has a six-month lead on activity as measured by GDP.
According to ANZ:
- annual growth continues to slow and his weakest since late 2015
- results may be starting to back up the light traffic indexes earlier predictions of softer GDP growth in the midyear
- light traffic index drops -0.5% MoM
- trend is sending a soft signal for GDP growth from Midyear
