SCE HOUSEHOLD SPENDING SURVEY - The median reported year-over-year increase in monthly nominal household spending moved up to 5.0 percent in August from 4.6 percent in April. While slightly below its year-ago reading of 5.5 percent, the series remains well above pre-pandemic levels.
- The share of households reporting making at least one large purchase in the last four months increased to 58.9 percent in August, rebounding from a post-April 2020 low of 53.8 percent in April. The increase was broad-based across age and income groups.
- Median expected monthly overall spending growth over the next twelve months edged down 0.1 percent to 3.0 percent in August. While falling further below the series’ high of 5.4 percent reached in April 2022, the current reading remains well above the 2.4 percent to 2.6 percent levels seen during 2019.
- The median expected year-ahead growth in everyday essential spending, or daily living expenses related to what one absolutely needs, decreased 0.2 percent to 4.4 percent in August. The median expected growth in non-essential spending also decreased 0.3 percent to 2.0 percent.
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The SCE Household Spending Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online as results come in, and an annual New York Fed press release (January 2024), issued following the December survey, highlights notable changes and trends.
