The New York Fed’s survey of consumer expectations — based on a panel of 1,300 household heads across the United States — found declines in one-year expectations on earnings growth , household spending, stock prices and house prices. Median one-year ahead earnings (wages) growth expectations fell from 2.7% in June to 2.4% in July, dropping below its 2.5%-2.7% range since November 2017, the New York Fed said. The decline was broad based across income groups but largest among those below the age of 40. Median home price change expectations retreated from a recent high of 3.9% reached in June to 3.7%. The probability that stock prices SPX, -0.40% will be higher in a year fell to 40.3%, the lowest level since October 2016. Median household spending growth expectations decreased by 0.1% to 3.2% in July, remaining slightly above its trailing 12-month average of 3%, the New York Fed said. The median expectation that taxes will go up in the next year — just months into a tax cut — rose for the fifth straight month, to 2.2% after the series low of 1.5% in February. Relatedly, year-ahead expected growth in government debt increased from 6.6% in June to 6.9% in July, well above the 4.9% median year-ahead growth forecast reported in July 2017. Unemployment expectations are near the series low, the perceived probability of losing one’s job in the next 12 months fell to 14% from 15.2%, and the probability of leaving one’s job voluntarily increased to 23.2%, close to the series high.