WASHINGTON, July 10 (Xinhua) -- Americans are expecting higher earnings growth and spending growth in June, indicating their confidence in the labor market, a latest survey result from the New York Federal Reserve Bank showed on Monday.
According to the survey, the median one-year-ahead expected earnings growth rebounded to 2.5 percent in June from May's 2.2 percent.
On the faster earnings expectation, U.S. households expected to spend more in the future. The median household spending growth expectations rose sharply from 2.6 percent in May to 3.3 percent in June, returning to early 2017 levels, while U.S. households expect their income to grow about 2.7 percent in a year, the same expectation as in May, said the New York Fed.
According to the survey, expectations for inflation growth in a year slightly dropped to 2.5 percent from May's 2.6 percent, while the expectations for inflation growth at the three-year ahead horizon rose noticeably to 2.8 percent from May's 2.5 percent.
U.S. households remained optimistic about labor market, as more people are willing to quit their jobs in the next 12 months. The mean probability of leaving one's job voluntarily in the next 12 months bounded back to 20.8 percent in June from 19.4 percent in May, the lowest level since July 2013.
The online survey is based on responses from a rotating panel of approximately 1,300 household heads.
