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NY Fed Survey: Consumers Expect Higher Inflation, Home Prices
Consumers are bracing for higher inflation along with higher home prices in the near term, according to the latest Survey of Consumer Expectations released Monday by the Federal Reserve Bank of New York. Median one-year-ahead inflation expectations increased to 3.3% in April from 3.0% and also increased to 2.8% from 2.6% at the five-year-ahead horizon, while decreasing to 2.8% from 2.9% at the three-year horizon.
Meanwhile, home price expectations ticked up to 3.3% after seven consecutive months at 3.0%. The April reading was the highest since since July 2022, the New York Fed reported.
In the labor market, the expectation that unemployment will be higher a year from now increased one percentage point to 37.2%. Conversely, the average perceived likelihood of voluntary and involuntary job separation over the next 12 months decreased by 1.2 percentage points to 19.4% and 0.6 percentage point to 15.1%, respectively.
The survey is conducted among a nationally representative, rotating panel of approximately 1,300 households.
- ◦Economy
