"Median inflation expectations at the one-year horizon remained unchanged at 3.0%, while they increased by 0.1 percentage points at the three-year horizon to 3.0% in December, returning to October reading," the Federal Reserve Bank of New York said in its latest Survey of Consumer Expectations.
Key takeaways from the press release
- Inflation uncertainty–or the uncertainty expressed by respondents regarding future inflation outcomes–also remained unchanged.
- Median one-year ahead earnings growth expectations rebounded from 2.0% in November to 2.5% in December.
- Mean unemployment expectations increased for the third consecutive month from 35.8% in November to 38.8% in December, reaching the series’ high since October 2016.
- Median expected household income expectations declined to 2.9%; while the median household spending growth expectations remained unchanged at 3.5% in December.
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