ANZ's latest economic indicator suggests a loss of momentum in economic activity may be slowing.
The ANZ Truckometer,which maps quarterly GDP growth using traffic volume data, suggests a slowdown in the September quarter compared with the first half of the year.
The Heavy Traffic Index, which measures flows of trucks on 11 roads, rose 1.4% in November, the second successive month of gains, although the trend remains flat.
The more volatile Light Traffic Index, which gives a six-month lead on GDP growth, gained 0.7% in November, but suggests growth in the first half of next year will be bumpy.
ANZ senior economist Sharon Zollner says there's been a pick-up in recent months, indicating the downward trend has been arrested and has flattened out.
ANZ says the traffic data doesn't pick up the Canterbury rebuild, which is starting to gain momentum, suggesting a two-speed economy.