U.S. consumers are becoming increasingly worried about the state of their financial health, according to the Federal Reserve Bank of New York’s Survey of Consumer Expectations for November.
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While one-year median inflation expectations remained unchanged at 3.2%, 24.8% of households now expect their financial situation to be somewhat worse in one year, up from 23.3% in October. Furthermore, 10.2% of households reported that their finances are much worse compared to a year ago, up from 8.4%.
Labor Confidence Edges Higher as Medical Cost Expectations Surge
It wasn’t all bad news, as consumer confidence about the labor market ticked slightly higher. 47.3% of respondents expect to find a job within the next three months if they lost their job today, up from 46.8%. In addition, consumers expect the mean probability of losing their job over the next 12 months to be 13.8%, down from 14%.
At the same time, consumers remain extremely worried about medical costs. They expect medical costs to rise by the highest amount since 2014, with a median expectation for a 10.1% jump during the next 12 months.
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