NY Fed: Expected earnings, income, spending growth at record lows

The Federal Reserve Bank of New York said on Monday that expected earnings, income and spending growth components of its Survey of Consumer Expectations reached series' lows.

Additional takeaways

"The perceived and expected availability of credit worsened."

"For the first time since the inception of the survey in 2013, the median respondent expects no increase in home prices over the next 12 months."

"Median inflation expectations increased in April by 0.1 percentage point at the one-year horizon to 2.6% and by 0.2 percentage point at the three-year horizon to 2.6%."

"Median one-year ahead expected earnings growth decreased for the second consecutive month, from 2.0% in March to 1.8% in April, matching the lowest level ever recorded in the series."

"The mean perceived probability of losing one's job in the next 12 months increased 2.4 percentage points to 20.9% in April."

 "Median household income growth expectations dropped to 1.9% in April, reaching a new series low."

Market reaction 

The market reaction to this publication was relatively muted. As of writing, the Dow Jones Industrial Average was down 0.8% on the day while the Nasdaq Composite was gaining 0.35%.