Consumers decreased their expectations for one-year inflation but lifted their projections for three years out, according to the June Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
Median inflation expectations slid to 2.5% from 2.6% for a one-year period and grew to 2.9% from 2.7% for a three-year horizon. Uncertainty regarding future inflation outcomes is at the high end of its range.
Turning to labor, the expected earnings for one-year rose to 2.5% from 2.2%, The mean perceived probability of losing one's job in the next 12 months slid to 13.8% from 14.9%, while the chances of voluntarily leaving a job fell to 20.0% from 21.8%. The probability of finding a job, if one lost his/her current job) dropped to 53.6% from 55.1%.
Median one-year ahead home prices are expected to grow 3.1%, off from 3.2% last month, within the narrow range it's been locked into for the past year, "but well below the series' average," according to a release.
Median household spending expectations crept to 3.6% from 3.5%.
Consumers see gas price growth in the next year at 5.3%, down from 5.5% last month.
