This is ANZ 'Truckometer', it measures traffic flows in New Zealand as a proxy for GDP

Comes in at a drop of 0.1% for December

  • November was up 3.8% m/m, revised from +4.0%
  • This is the 'heavy' traffic index, which is the headline result
  • There is also a 'light' traffic index, which issuggesting the economy could slow towards the middle of this year. Light comes in at +0.1% m/m

Says ANZ (bolding mine):

  • Both indexes are growing around 3% y/y on a smoothed 3-month average basis
  • However, looking at the levels, the Heavy Traffic Index continues to trend upward, while the upward trend in the Light Traffic Index flattened out, suggesting a moderation in growth as we approach the middle of 2017
  • The availability of credit and labour are starting to constrain growth
  • Given the economy is now attempting to grow faster than it sustainably can, we expect to see growth moderate over the course of 2017 from a gallop to a canter

more to come