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Slightly More People Expect To Start Missing Debt Payments in Next 12 Months: Fed Data

Slightly more individuals think they will miss a minimum debt payment during the next 12 months, according to the Survey of Consumer Expectations released yesterday by the Federal Reserve Board of New York, but that total is still incredibly low compared to where it was even 18 months ago.

By and large, however, the data indicates a mixed bag from consumers who do not appear to be 100% sure of where the economy is heading during the next 12 months.

The number of individuals who expect to miss a minimum debt payment in the next 12 months rose to 11% in April from 10.7% in March, but was still well below the 12.15% reported a year ago, according to the New York Fed.

While slightly more people expect to not be able to make their debt payments a year from now, fewer people expect to be unemployed in 12 months, even though more people expect to quit their jobs.

The number of people who expect to lose their jobs in the next 12 months fell to 13.7% in April from 13.9% in March, which the number of people who expect to leave their jobs increased to 20.5% from 19.3%.

Finally, the number of people who think they will be “somewhat worse off” a year from now increased to 10.98% in April from 10.92% in March while the number of people who think they will be “much worse off” decreased to 0.82% in April from 0.91% in March.

 

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