New Zealand data - ANZ's 'Truckometer' and also the 4 month budget deficit
- ANZ Heavy Traffic Index +4% m/m (prior -0.4%, revised)
- Light Traffic Index has flattened, +1.7% m/m
- It is notable that the Heavy Traffic Index is trucking along, albeit with volatility, but the upward trend in the Light Traffic Index, which leads the economy by six months, has flattened out.
- Firms report that the availability of labour is restraining growth, and credit is also becoming a constraint. Given the economy's speed limits, it would not be at all surprising or concerning to see growth moderate over the next six months.
Also, from the Treasury, NZ budget deficit NZ$934m, which is narrower than forecast
NZD barely moved