The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes sound financial and economic decisions through community development and education programs.
April Survey: Median expectations for household spending growth dropped sharply to 2.6 percent in April from 3.3 percent in March, the lowest level observed since our survey’s inception in June 2013. The decline was fairly widespread, but largest for respondents with a high school diploma or less and a lower income.
Q1 Statistic: Aggregate household debt balances increased by $149 billion in the first quarter of this year to reach $12.73 trillion. This eleventh consecutive quarterly rise pushed total household debt above the prior peak of $12.68 trillion set in the third quarter of 2008.