by Mike ‘Mish’ Shedlock
Every month the New York Fed does a survey of household expectations. Let’s take a look at the findings.
Earlier today, the New York Fed released its Survey of Consumer Expectations for November. It provides one year look ahead projections for numerous items and three year look ahead expectations for inflation.
The November survey shows that median three-year-ahead inflation expectations increased by 0.1 percentage point to 2.5 percent, rebounding from a series low of 2.4 percent in October. While remaining optimistic about the labor market, consumers lowered their expectations for spending growth over the next twelve months, with the median estimate dropping to 2.8 percent—the lowest reading since September 2017. The decline was broad-based across age, income, and education groups.
The NY Fed charts are lame so I created my own charts.