According to BlockBeats, the New York Federal Reserve's Center for Microeconomic Data released its October 2024 Survey of Consumer Expectations on November 12. The survey revealed that the one-year inflation expectation in the United States fell to 2.87% in October, marking the lowest level since October 2020. This is a decrease from the previous value of 3.00%. Additionally, the median uncertainty for three-year and five-year inflation expectations has also declined.
The survey highlights a slight decrease in household expectations for short-term, medium-term, and long-term inflation. There is also an improvement in labor market expectations, with a reported decrease in both the unemployment rate and the risk of unemployment. The median expectation for an increase in the U.S. unemployment rate over the next year has dropped to 34.5%, the lowest since February 2022.
Households surveyed expressed increased confidence in finding employment if laid off, indicating an improvement in job market perceptions. Furthermore, views on credit access improved in October, with expectations for future credit access also rising. The likelihood of households failing to make minimum debt payments on time over the next three months has decreased, reflecting a more optimistic outlook on financial stability.
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