ANZ Truckometer is a set of two economic indicators derived using traffic volume data from around New Zealand. ANZ use traffic flows in this indicator as a proxy for economic growth.
Heavy vehicle index -1.1% m/m in July from +2% in June.
Light vehicle index -0.8%
ANZ comments on the New Zealand economy more generally:
- The New Zealand economy is undeniably running hot. Some of it is artificial, insofar as the supply of both goods and labour has been severely hit by the closed border, but it would be a mistake to not recognise that demand is also very strong. Households in particular are spending freely and this is seeing ongoing high levels of both car and truck traffic around the country.