NY Fed poll shows unemployment worry at highest since pandemic start

NY Fed survey finds stable inflation expectations but highest fear of rising unemployment since April 2020.

08/09/2026 15:113 min read

The New York Federal Reserve released its latest monthly survey of consumer expectations.

  • One-year inflation forecasts held steady at 3.6%.
  • Three-year inflation expectations fell to 3.2% from the previous 3.3%.
  • Five-year inflation expectations remained at 3%.
  • The share of consumers expecting unemployment to rise reached its highest level since April 2020.
  • Consumer views on the labor market were labeled "mixed" overall.
  • Respondents expect higher gasoline prices in the future.
  • Perceptions of current and future personal financial conditions worsened.

The report offered little positive news, but the Federal Reserve's primary focus is on inflation expectations, which do not justify a rate hike this month. Financial markets currently imply a 57% likelihood of a rate increase.

Unemployment expectations have deteriorated further.

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