Investing.com -- US consumer expectations for inflation remained largely unchanged in August, while concerns about employment and personal finances increased, the New York Federal Reserve reported Tuesday.
The regional Fed bank's Survey of Consumer Expectations showed respondents maintained their projection of 3.6% inflation one year from now and 3% five years from now. Expected inflation three years from now decreased to 3.2% from 3.3% in July.
Survey participants anticipated higher gasoline prices in one year, according to the report.
Consumer outlook on employment and personal finances weakened in August. Respondents' expectation for the unemployment rate one year from now reached its highest level since April 2020, when the COVID-19 pandemic affected the economy. This trend was consistent across different age, income and education levels.
The perceived probability of losing a job decreased in August compared to July. The likelihood of finding new employment after involuntary job loss also declined from the July survey.