A survey by the New York Fed shows that long-term inflation expectations are on the rise.

Jin10 data reported on August 7, the latest monthly survey from the New York Fed shows that consumer confidence in the Fed's long-term inflation management has declined. The data indicates that consumers expect the inflation rate over the next five years to be 2.9%, up from 2.6% in the June survey. Short-term inflation expectations have remained largely unchanged, with the one-year expectation rising from 3% in June to 3.1%, and the three-year expectation stabilizing at 3%. On other fronts, consumer confidence remained strong in July. Fewer consumers (37%) believe that the unemployment rate will be higher a year from now, the lowest proportion since January. Consumers believe that if needed, they have a 51% chance of finding a new job within the next three months, up from 49.6% in June. Consumers expect that government debt will rise by 9.1% over the next 12 months, higher than the 7.3% a month ago.