New York Fed Report Shows Consumers Increasingly Concerned About Jobs and Personal Finances
A report from the New York Federal Reserve indicates that U.S. consumers are growing more concerned about their personal finances and job security, despite stable inflation expectations for the near future. The Survey of Consumer Expectations showed little change in projected annual inflation at 3.6%, with a slight decline to 3.2% over three years. However, respondents raised concerns about unemployment levels reaching their highest since April 2020 across all demographics. The report also noted that expectations for job loss decreased slightly compared to July but the probability of finding new work after involuntary job loss dropped as well. Consumers expressed lower confidence in both current and future financial conditions and access to credit, signaling growing economic anxiety among households. This data comes ahead of a key Federal Reserve policy meeting where officials will consider whether to maintain or raise interest rates amid persistent inflation above the 2% target.
Topics: consumer sentiment employment outlook Fed policy inflation