- U.S. consumers’ inflation expectations slid in August and workers grew more pessimistic about their job situation, data from the New York Federal Reserve showed on Monday, supporting the case for further interest rate cuts from the Fed.
Fed officials cited weak inflation as one of the concerns that motivated them to cut interest rates in July for the first time in more than a decade. Investors widely expect officials to cut interest rates again when the central bank meets Sept. 17-18, but policymakers disagree on how much the Fed should intervene amid mixed economic data.
Consumers also said they expect their earnings to grow more slowly over the next year, with median growth projections dropping by 0.1 percentage point to 2.3%, below the 12-month trailing average of 2.5%. The perceived risk of losing a job over the next year increased for the second month in a row to an average 14.2% in August from 13.8% in July.
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