The Survey of Consumer Expectations for May showed one-year inflation expectations down 0.3 percentage points to a 4.1% rate.
The New York Fed's monthly Survey of Consumer Expectations for May showed one-year inflation expectations down 0.3 percentage point to a 4.1% rate.
Household spending is expected to increase 5.6% over the next year, up 0.4 percentage point from April.Consumers are growing more optimistic that inflation is on the way down, according to a New York Federal Reserve survey released Monday. That's the lowest annual outlook since May 2021, just as inflation was beginning to spike to its highest level in more than 41 years. The one year-expectation then was 4%; inflation as measured by the consumer price indexIn the current case, the survey matches general expectations that while prices are still well above the Fed's 2% annual target, the general trend is lower as some of thesuch as outsized demand for big-ticket goods and supply chain clogs are easing.
Some of the inflation rise has been fed by accelerating wages, and the survey showed the outlook there is also diminishing. One-year expected earnings growth fell to 2.8%, down 0.2 percentage point since April and in keeping with the general range since September 2021.Expectations for losing one's job fell 1.3 percentage points to 10.9%, the lowest since April 2022. The mean likelihood of leaving one's job also fell half a percentage point to 19.1%.
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