Americans may be concerned about the overall economy, according to presidential election polls, but survey data from the Federal Reserve Bank of New York released on Monday shows they’re feeling more confident about their own financial situations, as well as the stock market and slowing inflation.
In the May Survey of Consumer Expectations, the amount of respondents who said their financial situation was better last month than in May 2023 was as its second-highest level in the past two year, while the share of people who said their had a positive outlook for the year ahead was at its highest level in almost three years. Additionally, survey participants’ expectation for highest U.S. stock prices increased to a three-year high.
However, Americans’ conjectures for earnings growth fell slightly, and the expected likelihood of a higher national unemployment rate went up above the 12-month trailing average. Despite that, respondents indicated that the probability that they would lose their jobs fell below the 12-month trailing average.
The May Consumer Price Index will be released on Wednesday morning, showing the state of inflation in the U.S.
