New Fed data shows consumers anticipate more subdued spending levels and slowing income growth.
about inflation expectations in America: Consumers remain confident prices won't accelerate in the years to come. Still, Americans do expect inflation to remain high across various time horizons — something the Fed doesn't like., with signs consumers anticipate more subdued spending levels and slowing income growth.The median consumer expects inflation in the year ahead to be above 5%, unchanged from the prior month. The three-year-ahead median inflation expectation fell by 0.
The mean probability that the U.S. unemployment rate will be higher in a year's time rose by 0.4 percentage points to 41.2%, with little to no increase among those with some college and those who make less than $50,000.This cohort is also among the most pessimistic about prospects for income growth. The median expected growth in household income growth plummeted to 3.3% — the biggest one-month plunge in the survey's history.
The decline was most pronounced among the least educated and poorest consumers, plus survey respondents over the age of 60.Consumers, overall, continued to mark down spending plans in January. Median household spending growth expectations fell for the third straight month — to 5.7% from 5.9%.
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