New Zealand data - ANZ's Truckometer for August -18.1%
ANZ New Zealand's Truckometer uses traffic flows as a proxy for economic growth.For August:
- Heavy Traffic fell 18.1% m/m.
- Light Traffic Index fell 27.6%
This, of course, related to the lockdown imposed to help combat the spread of COVID-19, Delta edition.
ANZ comments (in brief):
- The fall in traffic will once more be much larger than the slowdown in actual economic activity during lockdown.
- Traffic flows plummeted in the latter half of August as the country was plunged into level 4 lockdown restrictions. Traffic movements will lift outside of Auckland as alert levels ease, but the normal relationship between traffic and economic activity will not be reliable as long as movement restrictions remain in place.
- We're optimistic the economy will bounce out of the lockdown in reasonable shape, albeit again, carrying more debt as fiscal policy steps in to shield household incomes.