Consumers expect inflation to slow, according to the January Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
Median inflation expectations fell to 2.4% from 2.5% for a one-year period and to 2.5% from 2.8% for a three-year horizon. :The 75th percentile of expected three-year ahead inflation declined 0.2 percentage points to 4.9%, its lowest level since the data series began in June 2013," the Fed said.
Turning to labor, the expected earnings for one-year grew to 2.1% from 2.0%, below its 2.4% average in 2015. The mean perceived probability of losing one's job in the next 12 months rose to 13.9% from 13.5%, while the chances of voluntarily leaving a job increased to 21.4% from 20.1%.
Median one-year ahead home prices are expected to grow 3.0%, unchanged from last month.
Median household spending expectations climbed to 3.0% from 2.9%.
Earnings growth expectations fell to 2.2% from 2.3%.
Consumers see gas price growth in the next year at 2.8%, off from 4.2% last month.
