New York Federal Reserve: Concerns about the state of the job market intensified in September, with inflation expectations rising slightly

Americans were more concerned about the future of the job market in September, while raising their forecasts for the future path of inflation in the near term, according to a report released on Tuesday by the New York Federal Reserve. The bank's latest survey of consumer expectations showed that respondents' expectations that the overall unemployment rate would be higher this year than they had expected in August as the expected probability of unemployment rose. But respondents also believed that the chances of finding a new job in the next three months would be greater in the event of an unexpected job loss. The bank said the concerns about the future of the job market came as US households were more optimistic about their current financial situation, while lowering their expectations for the year ahead "slightly". As of September, households reported a reduction in their expectations for future spending due to divergent views on future income and income levels. At the same time, the September report also found that one-year inflation expectations rose to 3.4 percent from 3.2 percent in August, while expectations for the next three years stabilized at 3 percent. Five-year inflation expectations also rose to 3 percent in September from 2.9 percent the previous month. The report also noted that food prices in the coming year are expected to rise to their highest level since March 2023. (Jin Ten)