New Zealand - ANZ Truckometer for June: -4.5% m/m (prior +0.8%)
A big drop in this from the month. NZD little changed, this data tends not to have too much immediate impact.
- The ANZ Truckometer indexes fell in the month of June but are both higher over the June quarter.
- The Light Traffic fell 1.9% m/m and the Heavy Traffic was down 4.5% m/m.
- Reflecting that the Light Traffic index leads GDP while the Heavy Traffic index is contemporaneous, they are sending quite different signals about GDP in Q2. They've both picked quarterly GDP well of late but can't both be right.
- Looking through the monthly noise it appears annual growth in light traffic flows may be finding a floor, consistent with our expectation that economic growth is due to bottom out shortly.