US consumer sentiment near record low ahead of midterm elections

U.S. consumer sentiment edged down to near a record low in October as rising prices because of the Middle East conflict soured households' views of the economy on the doorstep of midterm congressional elections centering on affordability issues, a survey showed on Friday. The University of Michigan's Surveys of Consumers said its Consumer Sentiment Index dropped to 48.0 this month from a final reading of 48.1 in September. Economists polled by Reuters had forecast the index at 46.3, which had also been the index's preliminary reading for October. October's reading marked the second-lowest on record after the all-time low of 44.8 set in May, not long after the Iran war began. "Purchasing power continues to dominate consumer views of the economy," said Joanne Hsu, the director of the Surveys of Consumers. "Sentiment is now 10 percent below a year ago and 15 percent less than February, just prior to the Iran conflict." The survey results dovetail with political polling data showing voters have a dim view of the economy and President Donald Trump's and the Republican Party's stewardship over