US consumer sentiment hits a near-record low before midterm elections
Independent voters’ economic anxieties highlight political implications of plummeting US consumer sentiment.
Consumer sentiment in the United States hit a near-record low in the final reading before the consequential midterm elections as cost-of-living issues weigh on US consumers.
The University of Michigan’s Surveys of Consumers said its Consumer Sentiment Index dropped on Friday as continuing tensions between the US and Iran drove up prices at the grocery store and the petrol pump.
The reading dropped to 48.0 this month from a final reading of 48.1 in September, leading to the second-lowest reading on record. The lowest was only a few months ago in May, when it stood at 44.8 points.
Since January, the number of independents pointing to inflation pressures hurting their financial situation rose by 27 percent. Republicans referencing the same issue rose by 52 percent, and the figure rose by 15 percent among Democrats.