The December Household Spending Survey, published by the New York Federal Reserve Bank, showed a modest increase in household spending over the past four months, and a surge in the median expectation for year-ahead household spending to highest level since August 2015. Only 2.2% of households bought house or apartment over the past four months, lower than the 3.8% in August. However, the average percentage of households planning to buy houses within the next four months jumped from a series low of 3.3% in August to 6.2% in December.
The Survey of Consumer Expectations (SCE) is a monthly survey of U.S. households by the New York Federal Reserve Bank. The survey collects timely information on consumers’ expectations and decisions on a broad variety of topics, including but not limited to inflation, household finance, the labor market, and the housing market. This analysis will focus on the Household Spending Survey, part of the Survey of Consumer Expectations.
The survey showed that the median increased in monthly household spending compared with a year ago retreated from 1.9% in August to 1.6% in December, but was higher than the record-low 1.0% in April. The decline was largely driven by the 40 to 60 age group and by lower income (below $50,000) households.
The share of households reported making at least one large purchase in the last four months rose slightly from 54.0% in August to 54.6% in December. Though it was still below pre-pandemic levels, the gradual growth signified that consumers were cautiously spending more as the economy reopened and more people gradually returned to work. Read full article on Eyeonhousing.org.
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