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Consumers See a Brighter Economy but Less Room in the Holiday Budget

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Consumers See a Brighter Economy but Less Room in the Holiday Budget

The New York Fed’s measure of expected missed debt payments rose to 13.8%, the highest since December.

The share of employed consumers who considered job loss at least somewhat likely rose to 28.5% in the PYMNTS Intelligence survey.

One in 5 consumers said they had delayed a major purchase in the previous 90 days.

Consumers took a slightly brighter view of the economy in October in a PYMNTS Intelligence survey, while New York Fed respondents saw a greater chance of missing a minimum debt payment in the next three months.

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The Federal Reserve Bank of New York’s October Survey of Consumer Expectations, released Monday (Nov. 9), put median expected household spending growth over the next year at 5.3%, down from 5.5% in September but still above its 12-month average of 5%. Expected household income growth slipped from 3.1% to 3%. The spending measure tracks dollars, so part of the increase households expect to spend could go toward paying higher prices for the same purchases.

The improvement in sentiment came largely from views about business and buying conditions. 8 as we measured last month, still below the neutral reading of 50. The largest gains in short-term business and buying conditions came from consumers living paycheck to paycheck and struggling with bills, although that group still rated both conditions lowest. Meanwhile, expectations for household finances a year out were roughly unchanged in the Fed survey.


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