ISTANBUL

The short-term inflation expectations of US consumers dipped to 3.2% in October, according to the results of a survey from the Federal Reserve Bank of New York released on Friday.

The forecast was a drop of 0.2 percentage points from the previous month, while three-year-ahead and five-year-ahead expectations remained unchanged, each at 3%.

Meanwhile, unemployment expectations, or the probability that the US unemployment rate will be higher a year from now, rose 1.4 percentage points to 42.5% in October.

The probability of finding a job if one’s current job was lost also declined in October, falling 0.6 percentage points to 46.8%, while the probability of a person losing their job in the next 12 months slipped 0.9 percentage points to 14%.

Expectations for spending and household income growth remained largely flat in October, while household income growth expectations slipped 0.1 percentage points to 2.8%, and expectations for spending growth were up 0.1 percentage points to 4.8%.

Expectations for cost increases fell to 3.5% for gasoline and 5.7% for food, while expectations for other costs increased to 8.2% for university education, 9.4% for health care and 7.2% for rent.

While perceptions and expectations regarding access to credit improved, survey participants indicated slightly less optimism about their future financial situation.

In September, the US Consumer Price Index (CPI) rose 0.3% month-on-month and 3% year-on-year, below expectations, while inflation data for October is set to be released on Nov. 13.