US consumer sentiment near record low as frustration over economy mounts
WASHINGTON: US consumer sentiment slumped further in early October as the rising cost of living because of the Middle East conflict soured households' views of the economy, more bad news for President Donald Trump ahead of the Nov 3 midterm elections.
US consumer sentiment plunged to a near-record low in early October as the increasing cost of living due to the Middle East conflict dampened households' views of the economy, according to the latest survey by the University of Michigan. The decline comes at a crucial time, with the upcoming Nov 3 midterm elections potentially determining control of Congress.
President Donald Trump's approval rating has hit its lowest point in his political career, as Americans grapple with high inflation and rising borrowing costs. The latest survey revealed that sentiment worsened sharply among lower-income consumers and those with smaller stock portfolios, with 47% expecting to cut back on spending.
Higher-income households, however, continue to drive consumer spending, particularly those with strong stock market performance.
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