US consumer sentiment hits a near-record low before midterm elections

What the report says

U.S. consumer sentiment fell to a near-record low in the final reading before the midterm elections, according to the University of Michigan’s Surveys of Consumers, as Americans continue to grapple with elevated prices for food, fuel and other essentials. Al Jazeera, citing the survey and Reuters, reported that the Consumer Sentiment Index slipped to 48.0 in October from 48.1 in September, marking the second-lowest reading on record.

The report said concerns about purchasing power remained the dominant factor shaping views of the economy. Survey director Joanne Hsu said sentiment was lower than a year earlier and well below February levels, before tensions involving the U.S. and Iran intensified. The article noted that expectations for inflation over the next five years also edged higher, suggesting consumers remain wary about the outlook for prices.

A key political takeaway is that weaker sentiment was especially visible among self-identified independents, whose reading fell close to an all-time low. The story said inflation worries have also increased among Republicans and Democrats, although the shift was strongest among independents. That matters because the group is often pivotal in close elections.

Al Jazeera also placed the survey in the context of still-elevated inflation, high petrol prices and an expected Federal Reserve decision next week. The report suggested that persistent cost-of-living pressure could influence both consumer behavior and the broader economic debate heading into the vote.