Pessimism is growing among US workers, with the New York Federal Reserve reporting increased concerns about job security and expectations that earnings growth will slow. However, the monthly survey of consumer expectations highlighted increased confidence over finding another job after becoming unemployed. The one-year inflation forecast was 2.4% down at 0.2 percentage points, the lowest monthly figure for six years. Recent economic data has shown consumers are more worried than before about the impact of the trade war with China, along with the impact of lower business investment and manufacturing contractions. Interest rates are expected to be cut in September.
Pessimism is growing among US workers, with the New York Federal Reserve reporting increased concerns about job security and expectations that earnings growth will slow. However, the monthly survey of consumer expectations highlighted increased confidence over finding another job after becoming unemployed. The one-year inflation forecast was 0.2 percentage points down at 2.4%, the lowest monthly figure for six years. Recent economic data has shown consumers are more worried than before about the impact of the trade war with China, along with the impact of lower business investment and manufacturing contractions. Interest rates are expected to be cut in September.