Survey data of households’ expectations of macroeconomic variables might provide useful information to those who analyse or forecast the economy. In this article, we evaluate whether households can predict in which direction inflation and the unemployment rate will move over the coming year. The analysis is conducted using monthly Swedish data from the National Institute of Economic Research’s Economic Tendency Survey over the period from January 1996 until August 2019. Our results indicate that households can forecast in what direction the unemployment rate is headed, but they fail to predict the direction of future inflation.