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Mirroring job gains, Americans upbeat on earnings in June -survey

NEW YORK, July 11 (Reuters) - Americans were more upbeat on their earnings growth last month, mirroring a sharp rise in U.S. jobs growth, while inflation expectations remained subdued, according to a Federal Reserve Bank of New York survey published on Monday.

The New York Fed’s survey of consumer expectations showed median expected earnings growth recovered to 2.54 percent in June, the highest level in a year. In May the expectation was 2.15 percent, among the lowest readings since the survey began in mid-2013.

The data could come as a relief for the Fed, which has put interest rate hikes on hold in part because of sharply lower jobs growth in May and April. But nonfarm payrolls shot back up in June, suggesting the U.S. economy regained speed after a brief lull.

The Fed, however, still wants to ensure that price measures are not slipping before hiking rates again.

The monthly survey showed one-year ahead inflation expectations slipped to 2.54 percent in June, near a historical low, from 2.62 percent the month before. Three-year-ahead expectations edged higher to 2.86 percent, from 2.73 percent in May.

The New York Fed taps a third party to run the internet-based survey of a rotating panel of some 1,200 household heads.

(Reporting by Jonathan Spicer; Editing by Nick Zieminski)