MNI DATA IMPACT: US Spending Expectations Highest In 4 Years

The New York Fed's survey of consumers' year-ahead spending expectations rose to 3.7% in November, the highest level since 2016 despite expectations for flat income and earnings growth next year, the bank reported Monday. The increase was driven mostly by those with household incomes below USD50,000.

The mean probability of losing one's job in the next year fell for the third straight month, while the perceived probability of finding a job increased to 47.9%, though that is still down substantially from the measure's 2019 average of 59.8%.

Respondents overall were pessimistic about their household financial situations in the year ahead. Expectations that the unemployment rate, which fell to 6.7% in November, will be higher one year from now rose for the first time since July, according to the survey, increasing to 40.1% from 35.4% in October.