From fuel price hikes to cost-of-living concerns, US consumer sentiment nears record low
US consumer sentiment has dropped to near-record lows in October, driven by inflation and economic anxiety linked to geopolitical conflicts. The survey highlights affordability as a major concern for voters ahead of the midterm elections.
Why it matters
Economic sentiment is a primary driver of voter behavior and can significantly influence the outcomes of national elections.
US consumer sentiment edged down to near a record low in October as rising prices linked to the Middle East conflict weighed on households' views of the economy, a University of Michigan survey showed on Friday, with affordability emerging as a key issue ahead of the November 3 midterm elections.The university's Consumer Sentiment Index slipped to 48.0 this month from a final reading of 48.1 in September.Economists polled by Reuters had expected a reading of 46.3, which was also the preliminary estimate for October.October's reading was the second-lowest on record, following the all-time low of 44.8 recorded in May, shortly after the Iran war began."Purchasing power continues to dominate consumer views of the economy," said Joanne Hsu, director of the Surveys of Consumers.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in