Consumer expectations on inflation "rose significantly from November, while medium-term inflation expectations increased slightly," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
Median inflation expectations climbed to 2.8% from 2.5% for a one-year period and gained to 2.8% from 2.7% for a three-year horizon.
Turning to labor, the expected earnings for one-year gained to 2.4% from 2.0%, The mean perceived probability of losing one's job in the next 12 months declined to 15.8% from 16.4%, while the chances of voluntarily leaving a job remained at 22.0%. The probability of finding a job, if one lost his/her current job) rose to 55.6% from 53.0%.
Median one-year ahead home prices are expected to grow 3.3%, up from 3.1% last month, but within the range seen in the past year, the Fed said.
Median household spending expectations grew to 3.7% from 3.6. Income growth expectations increased to 2.8% in December from 2.4% the prior month.
Gas price change expectations grew to 4.8% from 4.6%.
