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NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the December 2022 Survey of Consumer Expectations, which shows that inflation expectations continued to decline in the short term and were unchanged over the medium term. Longer-term inflation expectations edged up slightly. Household spending expectations fell sharply in December, while income growth expectations rose to a new series high. Home price expectations rose slightly, but remain below their pre-pandemic levels. Households’ perceptions about their current financial situation and their expectations about their future financial situation one year from now improved in December.
The main findings from the December 2022 Survey are:
Inflation
Labor Market
Household Finance
About the Survey of Consumer Expectations (SCE)
The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing, and education to behave. It also provides insight into Americans’ views about job prospects and earnings growth and their expectations about future spending and access to credit. The SCE also provides measures of uncertainty regarding consumers’ outlooks. Expectations are also available by age, geography, income, education, and numeracy.
The SCE is a nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, this panel allows us to observe the changes in expectations and behavior of the same individuals over time. For further information on the SCE, please refer to an overview of the survey methodology , the interactive chart guide , the survey questionnaire , and the FAQs .
Contact
Mariah Measey
(347) 978-3071
Mariah.Measey@ny.frb.org