ANZ Truckometer - Pulling away in May!
Pulling away in May
Key Points
· Both ANZ Truckometer indexes lifted in May.
· The Heavy Traffic Index jumped 4.1% m/m, more than reversing a fall in April, while the Light Traffic Index lifted 1.2% m/m (the charts below are a 3-month average).[1]The Heavy Traffic Index continues to trend solidly upward, which bodes well for Q2 GDP figures.
· The upward trend in the Light Traffic Index seems to have recovered from its recent wobbles, suggesting good activity in the back half of the year.
[1]The Kaikoura earthquake has seen a change in pattern of container freight at North Island ports, which has increased heavy traffic flows on State Highway 2. These impacts are likely to last for some time. We therefore make a statistical adjustment for this (2 sites).