Consumers expect inflation to be slightly higher in the coming year, and median household spending growth to be off, according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
Regarding inflation, one-year expectations rebounded to 3.0% in May from 2.7% in April, while three-year inflation was steady at 3.0%.
Median one-year ahead home prices are expected to grow 3.3%, down from 3.4% last month.
Median household spending expectations climbed to 4.0% from 3.8%, still on the low end of the range seen since the survey began.
Consumers see gas price growth in the next year at 5.8%, up from 5.7% last month.
Earnings growth expectations fell, as did job separation expectations, while the mean perceived job finding probability was "essentially unchanged at 54.2," according to the survey.
