Household Spending Projections Decline Again: Does the Fed Believe Its Own Surveys?

(Before It's News)

by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis

Economists in general, but especially those at the Fed, continue to state a belief that the current economic weakness is transitory.

And the near-universal economic forecasts predict increases in consumer spending due to wage increases and low gasoline prices.

However, if you ask consumers what they believe they will spend, that answer is in sharp contrast to what economists expect.

As I did in May, I downloaded household spending projections from New York Fed’s Survey of Consumer Expectations. Here is a chart from the downloaded data. Let’s take a look.

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