U.S. Household Spending Expected to Grow: NY Fed

Households in the United States are expecting an increase in their spending over the coming year, as shown by a recent survey by the Federal Reserve Bank of New York.

The expectations for the growth in household spending rose to a median 4.2%, which is the highest rate in more than five years.

On the other hand, the expectations for the growth of income over the year remained unchanged for the sixth consecutive month at 2%.

Expectations for job loss decreased to 13.6% in January, its lowest level since September 2019, while the expectations for a rise in unemployment increased to 40.2% in January from 38.9% in December.