Inflation expectations remained largely anchored but labor market outlooks deteriorated among U.S. consumers in August, according to survey results released Tuesday by the Federal Reserve Bank of New York.

The NY Fed survey found that median inflation expectations were unchanged at 3.6% over the one-year time horizon and remained an even 3% over the five-year horizon. Consumer inflation expectations looking ahead three years ticked down by 0.1 percentage points to 3.2%.

But the mean probability that the U.S. unemployment rate will be higher a year from now increased by 1.6 percentage points to 44.4%. That is the highest survey reading for that metric since April 2020.

While the perceived probability of losing one’s job over the next 12 months fell 0.4 percentage points to 13.8% — its lowest reading since February — the perceived likelihood of finding a new position following a job loss fell 0.8 percentage points to 45.4%.

Those sentiments are largely at odds with a surprisingly strong jobs report for August, with the Bureau of Labor Statistics reporting 162,000 job additions for the month and a steady unemployment rate of 4.1%.

Median home price growth expectations among consumers fell by 0.2 percentage points to 3%, which is just below the 12-month trailing average of 3.1%. The NY Fed report noted the decrease was spurred by consumers residing in the Northeast region.

But perceptions of current and future credit access deteriorated, with the net share of households reporting that it is harder to obtain credit increasing.