Here is where inflation stands as the Federal Reserve meets
nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
Inflation expectations for next year surge to record high
foxbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foxbusiness.com Daily Mail and Mail on Sunday newspapers.
By Syndicated Content
Jan 25, 2021 4:15 PM
(Reuters) - Household spending rose modestly over the last four months, but consumers expectations for how much more they ll be able to spend a year from now surged, according to a survey released Monday by the New York Federal Reserve.
The report showed that consumers are slowly spending more as the economy reopens and more people gradually return to work, and offered a sign consumers are hopeful their financial situations will improve further as the coronavirus is contained.
The share of households that made at least one large purchase in the last four months rose to 54.6% in December. That is up from a series low of 50.7% in April of 2020, but was still well below pre-pandemic level of 62.5% in December of 2019.