Consumers in the US began to feel slightly more optimistic about their finances in May, the Federal Reserve Bank of New York said in its latest Survey of Consumer Expectations.
Additional takeaways
“Average share of Americans expecting US unemployment rate to be higher in one year dropped to 38.9% in May, from 47.6% in April.”
“Median inflation expectations over the next year increased to 3% from 2.6% in April.”
“Consumers expect prices for food and gasoline to increase over the next year by 8.7% and 7.8%, respectively, reaching series high.”
Market reaction
Wall Street’s main indexes continue to trade mixed after this publication. As of writing, the Dow Jones Industrial Average and the S&P 500 were up 0.9% and 0.4%, respectively, while the Nasdaq Composite was down 0.2%.
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