The heavy traffic index has come in at a whopping +3.6% m/m change for April.
- For the y/y, +4.8%
- March revised to -1.9% from -2.0%
ANZ comments:
- suggestive of continuing modest growth in Q1
- Q2 is off to a better start
The 'light' index at +0.2% m/m and +1.6% y/y.
- suggestive of disappointing Q2 GDP growth
- annual growth has steadied - indicative of y/y GDP growth declines having run its course
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So, yeah mixed signals form the two indexes.
ANZ's 'Truckometer' is an indicator of traffic flows in New Zealand, used as a proxy for GDP growth.
