NY Fed survey finds Americans more worried over future jobless levels
SPY•Americans’ expectations that unemployment will rise over the next year reached their highest level since April 2020, while inflation expectations were unchanged from September at 3.9% one year ahead, 3.3% three years ahead and 3% five years ahead.
1. Job market outlook
The New York Fed’s October Survey of Consumer Expectations found greater concern about future unemployment, with expectations that the jobless rate would be higher in a year reaching their highest level since April 2020. Respondents also saw a greater chance of involuntarily losing a job, though that expectation remained relatively low, and a higher chance of finding new work after a job loss.
2. Inflation and finances
Inflation expectations were unchanged from September at 3.9% one year ahead, 3.3% three years ahead and 3% five years ahead, all above the Fed’s 2% target. Households’ views of their current finances improved slightly, while expectations for their finances a year ahead and access to credit were unchanged.
