The New York Fed's latest survey shows consumers' one-year inflation expectations edged down to 3.6% in July from 3.7%. Expectations for three- and five-year inflation held at 3.3% and 3%, respectively. Unemployed workers' perceived probability of finding a job rose to 46.2%, the highest this year. Optimism about higher stock prices a year ahead reached its strongest level since April 2021.
The Federal Reserve Bank of New York's latest Survey of Consumer Expectations, released on August 7, points to modestly cooler short-term inflation expectations and an improved outlook on the labor market among U.S. consumers.
Consumers' expectation for inflation one year ahead slipped to 3.6% in July, down from 3.7% the previous month. Expectations for inflation three and five years ahead were unchanged at 3.3% and 3%, respectively.
The survey also found that unemployed workers now see a 46.2% chance of finding a new job, the highest reading so far this year. The increase was most pronounced among those with a high school education or less and among households earning under $50,000 a year.
Consumers also grew more upbeat about the stock market. The perceived probability that stock prices will be higher a year from now reached its highest level since April 2021.
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