As the name suggests, Consumer Expectations Survey “reflects the economic outlook of consumers as an indication of the future economic conditions of the country.” The report assumes greater significance in light of high inflation levels and the Fed’s concerns that inflation expectations could become a self-fulfilling prophecy. For the data geek, these monthly surveys are a treasure trove for measuring access to credit, household spending, housing, the labor market, and public policy.
Within each of these modules is a plethora of time series quantifying consumer expectations and experiences on a variety of goods. Given my curiosity about the labor market, I decided to focus this post right there. Here are some things I learned (note that this labor component is updated 3X a year and this data was collected in April):
Workers seem to be holding out for higher pay: The average reservation pay—the lowest wage respondents would be willing to accept for a new job—increased from $70,339 in November to $73,283. This is a jump of 4% in just 4 months. Sign of a tight labor market?
About the author Tim Renzetta
Tim’s saving habit began at seven o’clock when a neighbor with a broken hip gave him the task of walking the dog. His recovery, which took about a year, resulted in Tim getting to know the bank teller well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies, and helping families make better college financing decisions. Volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim first saw the impact of an engaging and activity-based curriculum that helped him create a new nonprofit, Next Gen Personal Finance. inspired to start. ,