Consumers decreased their expectations for inflation, according to the March Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
Median inflation expectations slid to 2.5% from 2.7% for a one-year period and to 2.5% from 2.6% for a three-year horizon.
Turning to labor, the expected earnings for one-year remained 2.5%, toward the upper end of the 1.8%-2.7% range in the survey’s history. The mean perceived probability of losing one’s job in the next 12 months grew to 14.4% from 13.8%, while the chances of voluntarily leaving a job slid to 20.0% from 21.3%. The probability of finding a job grew 54.3% from 53.9%.
Median one-year ahead home prices are expected to grow 3.0%, off from 3.1% last month.
Median household spending expectations fell to 3.4% from 4.0%.
Consumers see gas price growth in the next year at 7.3%, up from 4.9% last month.
