Consumer expectations on inflation "only shifted minimally since October, while expectations about the labor market became more negative," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
Median inflation expectations slipped to 2.5% from 2.6% for a one-year period and gained to 2.7% from 2.6% for a three-year horizon.
Turning to labor, the expected earnings for one-year dipped to 2.0% from 2.1%, The mean perceived probability of losing one's job in the next 12 months rose to 16.4% from 14.0%, while the chances of voluntarily leaving a job declined to 22.0% from 22.3%. The probability of finding a job, if one lost his/her current job) fell to 53.0% from 54.9%.
Median one-year ahead home prices are expected to grow 3.1%, down from 3.2% last month, but within the range seen in the past year, the Fed said.
Median household spending expectations grew to 3.6% from 3.2%, just above its 3.5% average for the year. Income growth expectations dipped to 2.4% in November from 2.5% the prior month.
"While there was a notable improvement in future perceived credit access, debt delinquency expectations rose," according to the survey. "Notably, for expectations regarding the change in year-ahead taxes (at current income levels), November saw the lowest expected increase since the series' advent in June 2013."
