N.Y. Fed: Consumers Anticipate Higher Spending Growth

Americans’ expectations for how much they will spend next year increased in June, rising from 4 percent to 4.3 percent, according to the Federal Reserve Bank of New York’s monthly Survey of Consumer Expectations. Expectations of household income growth held steady at 2.9 percent, with higher expectations from younger household heads but lower expectations for household heads 40 to 60 years old. Credit availability expectations were unchanged.

Consumers said they expected unchanged levels of price inflation, though the median inflation uncertainty fell from 3 percent in May to 2.6 percent, the lowest since the survey’s inception in 2013. They also expected higher home prices, with home price expectations rising to its highest reading of the year.