US consumers forecast more spending than a year ago: NY Fed

US consumers forecast more spending than a year ago: NY Fed

U.S. consumers expect to spend more money in 2019 than they did a year ago, data from the Federal Reserve Bank of New York showed on Tuesday.

Sears Kenmore washing machines are shown for sale
Sears Kenmore washing machines are shown for sale inside a Sears department store in La Jolla, California, U.S., March 22, 2017. REUTERS/Mike Blake

NEW YORK: U.S. consumers expect to spend more money in 2019 than they did a year ago, data from the Federal Reserve Bank of New York showed on Tuesday.

Households expect larger increases in spending than they forecast the year prior on items including clothing, housing and transportation, data from the Survey of Consumer Expectations conducted in December showed. People with a high school education or less, in particular, drove the increase, the New York Fed said.

The average expected growth in spending in 2019 rose to 2.8 percent from 2.3 percent the year prior, according to the survey.

(Reporting by Trevor Hunnicutt; Editing by Chizu Nomiyama)

Source: Reuters

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