US consumer sentiment hits a near-record low before midterm elections
Summary
US consumer sentiment dropped to near a record low in October, showing that many Americans feel worried about their finances before the midterm elections. This decline is mainly due to rising prices for everyday items like food and gasoline, affected by tensions between the US and Iran.Key Facts
- The Consumer Sentiment Index fell to 48.0 in October from 48.1 in September, making it the second-lowest reading ever.
- The lowest sentiment was 44.8 points in May 2023.
- The survey measures how people feel about their money, the economy, and whether it is a good time to buy big things.
- Political independents showed the largest drop in confidence, reaching 42.4 points in October.
- Since January, more people across all political groups say inflation is harming their finances, especially Republicans (52% increase).
- Inflation expectations for the next five years increased slightly to 3.5%.
- Gasoline prices remain high but are slightly lower than a month ago, averaging $4.29 per gallon.
- The Federal Reserve is likely to keep interest rates steady at 3.75–4.00% in its upcoming meeting before the elections.
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