Consumers are growing worried about their personal finances and the job market

Kelly Broderick
Posted
and last updated

A New York Fed survey has found that consumers grew more worried in August about their personal financial situation and the job market.

The survey looks at how consumers expect overall inflation and prices for food, gas housing and education to behave.

They found that the median inflation uncertainty, which is the uncertainty expressed regarding future inflation outcomes, increased at the one- and five-year horizons and decreased at three-year horizon.

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Expectations for where unemployment will be a year from now climbed to the highest level since the early days of the pandemic.

The survey also found people are less confident they could quickly find a new job if they lost one.

When it comes to worrying about their own financial situations, perceptions and expectations deteriorated with many households reporting worse financial situations compared to a year ago.

They added that perceptions of credit access compared to a year ago also declined, with many reporting difficulties getting credit to increase.

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They also expect a worse financial situation a year from now, and smaller shares of households reporting or expecting a better financial situation.