Photo: RNZ/Sally Round
The number of heavy freight vehicles on the road has risen for the first time in two months, bucking the narrative of a marked slowdown, though the data remained volatile.
ANZ Bank's heavy traffic index for August rebounded 6.2 percent on the month prior, after data from the previous month showed activity was threatening to fall into into recessionary territory.
Meanwhile the light traffic index, often indicitive of consumer demand, rose 1.6 percent month-on-month.
Chief economist Sharon Zollner said volatility remained the theme of current economic data, with the light traffic index showing a mild upward trend.
"Anything other than an upward trend would be remarkable given current strong growth in the population," she said.
"The fact that that growth is only modest is consistent with consumers avoiding unnecessary expenditure - not least on petrol, which is considerably more expensive now the fuel excise subsidy has ended."
Zollner described the economy as "patchy" with consumers experiencing a mix of headwinds and tailwinds.
"Tourism is enjoying a strong rebound and looking forward to a buoyant summer season, whereas dairy and sheep and beef farmers are looking at very constrained profitability this season.
"It's all creating winners and losers but within the context of generally cooling economic activity, as illustrated by a flatter trend in heavy traffic than was evident before Covid."