The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bankâ€™s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.
The Federal Reserve Bank of New York today released results from its June 2015 Survey of Consumer Expectations (SCE) generally show a slightly more positive outlook of the US economy. Median consumer inflation expectations at both the short and medium term horizon continue to be stable. Home price change expectations rose to 3.5%, their highest level this year. Median earnings growth as well as household spending growth expectations increased from the prior month. Labor market expectations (such as voluntary quits and likelihood of finding a job) also continued to improve. Credit availability expectations were largely unchanged.
The 2015 SCE Housing Survey indicates that attitudes toward housing as a financial investment remain decidedly positive. U.S. households on average expect home price growth to continue at a 4.4 percent pace over the next year, comparable to the average year-ahead expectation reported in last year’s survey. Survey respondents expect mortgage rates to increase in coming years, but at a moderate pace. Among homeowners, the expressed likelihood of investing in improvements to the home has declined somewhat relative to last year. Most renters report that they would rather own than rent if they had the necessary financial resources; as in last year’s survey, a majority of them believe that it would be difficult to obtain a mortgage, although responses suggest a slight easing in perceived credit access. (This report is in pdf format.)
The February 2015 SCE Credit Access Survey shows little change in application rates for credit over the last twelve months, but a decline in rejection rates, particularly for credit card limit increases.
The Center for Microeconomic Data serves to centralize the collection, acquisition, and analysis of microeconomic data at the New York Fed and act as a catalyst for microeconomic research by promoting engagement with the wide academic community. The wide-ranging data, research, and analysis produced in the Center provide insight into individual-level financial and nonfinancial economic conditions, expectations, and behavior in the U.S. Read more…
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