On June 8, a survey by the New York Fed revealed that consumer expectations for future inflation remained stable in May, which is good news for the Federal Reserve, as officials are concerned that accelerating price increases could become entrenched. The report indicated that consumer expectations for inflation over the next year decreased by 0.1 percentage points, while three- and five-year inflation expectations remained largely unchanged at around 3%. The survey also showed that consumers' views on the labor market changed relatively little, with a slight decrease in the perceived likelihood of rising unemployment in the future. On the other hand, they held a more pessimistic attitude about their ability to easily find new jobs when needed.