NY Fed Survey: Inflation Expectations Flat, Concerns Over Jobs and Households Rise
Macro
According to the consumer survey for August released by the Federal Reserve Bank of New York on the 8th, consumers' inflation expectations were largely unchanged, while concerns over the labor market and household conditions intensified. The one-year-ahead inflation expectation stood at 3.6%, and the five-year-ahead at 3%, both unchanged from the previous month, while the three-year-ahead expectation fell to 3.2% from July's 3.3%. Expectations for gasoline prices one year ahead strengthened. Views on employment and household finances became more uncertain, with the share of respondents expecting the unemployment rate to rise a year from now reaching its highest level since April 2020, and this was widespread across age, income, and education levels. The perceived probability of finding a job after an involuntary job loss also declined, and views on current and future household financial situations and access to credit worsened.
