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

Odaily News The latest monthly survey from the New York Fed shows that consumer confidence in the Fed's long-term inflation management has declined. Data shows that consumers expect an inflation rate of 2.9% over the next five years, up from 2.6% in the June survey. Short-term inflation expectations remained basically unchanged, with expectations for the next year rising from 3% in June to 3.1%, and expectations for the next three years stabilizing at 3%. On another note, 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 say they expect government debt to rise by 9.1% over the next 12 months, up from 7.3% a month ago. (Jin10)