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

The University of Michigan’s consumer sentiment index fell to 48.0 in October from 48.1 in September, its second-lowest reading on record. Ongoing tensions between the United States and Iran have pushed up grocery and petrol prices, adding to cost-of-living pressures ahead of the midterm elections. Sentiment among political independents dropped to 42.4, close to the record low of 40.6 set in May. Since January, references to inflation hurting personal finances rose by 27 percent among independents, 52 percent among Republicans and 15 percent among Democrats.