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Data: Federal Reserve Bank of New York; Chart: Naema Ahmed/Axios

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.

Go deeper: The coronavirus-driven gold rush

Go deeper

Dion Rabouin, author of Markets
Aug 18, 2020 - Economy & Business

The American real estate conundrum

Reproduced from CivicScience; Chart: Axios Visuals

The housing market has been a solidly bright spot in the U.S. economy in recent months.

Yes, but: There remain serious questions about what the next phase for the market will be as the coronavirus pandemic has created an enormous amount of uncertainty about where and how people will live.

Dion Rabouin, author of Markets
Aug 19, 2020 - Economy & Business

Investors still don't believe the stock market's rally can last

Illustration: Aïda Amer/Axios

The S&P 500 closed at a new all-time high on Tuesday and has rallied by around 52% since hitting its low point on March 23 — the best run the index has ever had in such a short time.

The state of play: While the market has continued to rise for the past five months, most investors have been incredulous about the sustainability of gains.

Felix Salmon, author of Capital
Aug 19, 2020 - Economy & Business

The triumph of capital over labor

Illustration: Aïda Amer/Axios

Tuesday's stock market record proves the definitive triumph of capital over labor in the era of COVID-19.

Why it matters: The recession has caused the size of the American economic pie to shrink substantially. But the share of that pie going to capital rather than labor has continued to rise.