Consumers' view of the economy was fairly stable in the past month, with inflation expectations remaining at 3.0%, and earnings and household income growth expectations largely flat, according to the July Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
The survey found "median household spending growth expectations retreated substantially to their lowest level since the inception of the survey in 2013," according to the Fed. Year-ahead credit availability forecasts were "slightly more pessimistic" than in June.
Regarding inflation, one-year expectations held at 3.0%, while three-year inflation also stayed at 3.0%.
Median one-year ahead home prices are expected to grow 3.2%, down from 3.5% last month, hitting the second lowest read since the survey began just over two years ago.
Median household spending expectations slumped to 3.5% from 4.3%, its lowest reading.
Consumers see gas price growth in the next year at 4.4%, off from 5.4% last month.
Earnings growth expectations fell to 2,4% from 2.5%, while job separation expectations "increased slightly," and the mean perceived job finding probability "fell slightly to 54.5," according to the survey.
