May 12, 2020 - Economy
Americans' personal financial fears mount amid coronavirus crisis
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The New York Fed's April survey of consumer expectations released Monday shows a "considerable deterioration in households’ expectations about most economic outcomes," but even higher expectations for stock prices to rise than the last record high in March.
What's happening: Nearly a third of Americans expect their own household financial situation will be worse in a year, the highest level on record.
- The survey also shows increased fear of job loss and historically low expectations for income and spending. Plus, there are expectations for more difficulty getting credit and higher debt delinquencies in the next year.
- For the first time since the survey was launched in 2013, the median respondent did not expect home prices to increase over the next year.
Yes, but: Despite the rally since U.S. stock prices hit their cycle low on March 23, confidence that stocks will be higher a year from now was the highest it has ever been.
- The expectation for stock prices to increase hit record highs for all ages, income levels and regions.
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