Federal Reserve Bank of New York releases monthly report on consumer finance.
3/9/2020 9:00
Data from the Federal Reserve Bank of New York shows consumers’ household income growth expectations evened out somewhat in February, while spending growth expectations increased.
The main findings from the February 2020 Survey of Consumer Expectations, according to a news release from the Fed, are:
- “Median expected household income growth declined to 2.7% in February after three consecutive monthly readings of 2.9%. The decline was driven by respondents under age 40.
- Median household spending growth expectations increased 0.1 percentage point to 3.1% in February, its third consecutive increase and approaching its trailing 12-month average of 3.2%.
- Perceptions of credit access compared to a year ago deteriorated with a smaller proportion of respondents reporting easier credit access and a greater proportion of respondents reporting harder credit access. On the contrary, expectations for year-ahead credit availability improved slightly, with fewer respondents expecting credit will become harder to obtain.
- The average perceived probability of missing a minimum debt payment over the next three months declined from 11.8% to 11.4% in February, falling below its 12-month average of 11.5%.
- The median expectation regarding a year-ahead change in taxes (at current income level) increased from 2.6% in January to 2.7% in February, its highest reading since June 2019.
- Perceptions about households’ current financial situations compared to a year ago improved, while one-year ahead expectations about households’ financial situations were stable.”
View the complete Federal Reserve Bank of New York February 2020 Survey of Consumer Expectations.