US consumer confidence at 48.0, near May low before midterms
US consumer confidence just dropped to 48.0 this October, barely above the all-time low from May.
People are feeling the pinch from rising prices and global uncertainty, especially with tensions in the Middle East.
With midterm elections around the corner, worries about affordability are expected to play a big role in how people vote.
Independents' confidence falls to 42.4
Independents are feeling it even more, with their sentiment score sinking to 42.4.
Many are anxious about inflation and shaky finances, making things trickier for the Federal Reserve as it tries to keep prices in check.
As Joanne Hsu from the University of Michigan put it, these numbers add another challenge for policymakers, and they're also dragging down President Trump's approval ratings as voters focus on pocketbook issues this election season.