Consumers’ inflation expectations grew, but respondents’ optimism about income held, according to the April Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.
![Survey of Consumer Expectations](https://arizent.brightspotcdn.com/dims4/default/97c9998/2147483647/strip/true/crop/3560x2320+0+0/resize/740x482!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F1e%2F9d%2Fe5e46d114cf59c06926446c1c47e%2Fbb-051518-fedsce.jpeg)
Median inflation expectations grew to 3.0% from 2.8% for a one-year period and to 3.0% from 2.9% for a three-year horizon.
“Both measures have been trending upwards since August of last year,” according to a release. “The last time both measures reached this level was during the temporary uptick in inflation expectations in early 2017. While this month’s increase in short-term inflation expectations was broad-based across income groups, the increase in medium-term inflation expectations was driven by respondents with incomes at $50,000 or higher.”
Turning to labor, the expected earnings growth for one-year inched up to 2.7% from 2.6%. The mean perceived probability of losing one’s job in the next 12 months slid to 13.7% from 13.9%, while the mean probability of leaving one’s job voluntarily in the next 12 months gained to 20.5% from 19.3%.
The probability of finding a job, if one lost his/her current job, fell to 57.1% from 57.6%.
Median one-year ahead home prices are expected to grow 3.7%, up from 3.5% last month, the Fed said, above its 12-month average of 3.3%.
Median household spending expectations increased to 3.3% from 3.1%. Income growth expectations held at 2.9%.