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The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the December 2024 Survey of Consumer Expectations, which shows that inflation expectations were unchanged at the short-term horizon, increased at the medium-term horizon, and decreased at the longer-term horizon. The average perceived likelihoods of a job loss, voluntary job separation, and finding a job in the event of a job loss all declined. While year-ahead household income growth expectations declined slightly and are now comparable to their pre-pandemic levels, spending growth expectations increased and remain well above pre-pandemic readings. The main findings from the December 2024 Survey are: Inflation Median inflation expectations were unchanged at 3.0% at the one-year horizon, increased to 3.0% from 2.6% at the three-year horizon, and declined to 2.7% from 2.9% at the five-year horizon. The increase at the three-year horizon was broad-based across age, education, and income groups. However, the decline at the five-year horizon was driven by respondents below age 40 and was most pronounced for those with a high-school education or less. The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) was u post: NY FED: FIVE-YEAR-AHEAD EXPECTED INFLATION AT 2.7% IN DECEMBER VS. 2.9% IN NOVEMBER. post: *NY FED: 1Y EXPECTED INFLATION UNCHANGED AT 3% IN DECEMBER *NY FED: 3Y EXPECTED INFLATION RISES TO 3% IN DECEMBER FROM 2.6% *NY FED: ONE-YEAR INFLATION EXPECTATIONS RISE TO 3% VS 2.97%