Americans growing more worried about jobs amid rising prices, finds NY Fed survey
* NY Fed survey finds rising worry over future unemployment * NY Fed poll finds little change in expected inflation * NY Fed survey reports stability in personal financial situations (Adds graphics)
The Federal Reserve Bank of New York's October Survey of Consumer Expectations reveals growing concern among Americans about the US labour market, with expectations of a higher unemployment rate over the next year reaching their highest level since April 2020. Despite this pessimism, respondents expressed confidence in their chances of finding employment after losing a job.
Simultaneously, inflation expectations remained elevated, with consumers projecting inflation at 3.9% over the next year, 3.3% over three years, and 3% over five years, all above the Federal Reserve's 2% inflation target. These findings contrast with official employment data showing the US economy added 165,000 jobs in October and the unemployment rate falling to 4.1%, alongside significant upward revisions to recent hiring figures.
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