Highlights of the NY household survey
- 1-year ahead inflation expectations rose to 4.8% from 4.0% in May -- series high (since 2013)
- Median 3-year inflation expectations 3.6%, unchanged from May
- Uncertainty regarding inflation for short and medium term unchanged
- Series low of 30.7% or respondents saw higher unemployment a year from now
- Series low of 10.9% in perceived probability of losing one's own job over the next year
- Perceived probability of finding a job after losing one's job rose to 54.2% from 50.0% in May
Americans are feeling good about the job market but that rise in inflation will get the Fed's attention.
Tomorrow we get the CPI report, which is expected at 4.9%. Here's the chart:
