ANZ NZ Truckometer - Heavy going
· The ANZ Truckometer indexes fell modestly in September. The Heavy Traffic Index fell 1.5% (seasonally adjusted), while the Light Traffic Index dipped 0.1% m/m (charts are 3-month average).
· The Heavy Traffic Index has flattened off and suggests GDP growth was weak in Q3. The GDP data is released near Christmas.
· This is consistent with softer construction and housing, key pro-cyclical parts of the economy. The good news is that rejuvenated economic drivers are on the horizon, but that horizon is still a way off and there is an election-related uncertainty pothole in the meantime.Go here to see the full report.