Americans entered the final days before the Nov. 3, 2026, midterm elections with household sentiment still close to its lowest level on record. The University of Michigan’s consumer sentiment index stood at 48 in October, little changed from September and only modestly above the record low of 44.8 reached in May.
The October reading was 31.9% below the index’s level of 70.5 in October 2024. The measure tracks how households view their personal finances and the broader economic outlook. Its decline indicates that many Americans remain dissatisfied with economic conditions even as several major indicators show continued activity and employment.
Confidence improved but remained below 2024
A separate gauge from the Conference Board showed a more favorable monthly move. Its consumer confidence index rose to 91.7 in October, up from a revised 84.2 in September. Despite that increase, the index remained below its revised October 2024 level.
The two measures use different methods to assess how consumers view the economy, so they do not necessarily move in lockstep. Together, however, the October readings show that an improvement from one month to the next did not erase the broader decline in household confidence seen over the past two years.
| Measure | October 2026 | Recent comparison |
|---|---|---|
| University of Michigan consumer sentiment | 48 | 44.8 in May; 70.5 in October 2024 |
| Conference Board consumer confidence | 91.7 | 84.2 in September, revised |
Prices and policy remain central to voters
Economic conditions are a major concern for voters, according to polling cited in the report. An AP-NORC poll found that 25% of U.S. adults approved of President Donald Trump’s handling of the economy. A Reuters/Ipsos poll found that 36% of voters said Democrats were better positioned to address the cost of living, compared with 28% who selected Republicans.
The report links the political debate to the prices households face. It says sweeping tariffs and the war involving Iran have pushed prices higher. Trump has also promoted “Trump Accounts” and promised checks that would provide money directly to Americans, although the material does not describe those measures as completed programs.
“There’s no economy like this economy.” — President Donald Trump
Trump has argued that the United States has the world’s strongest economy. He also said in September that the country’s main problem was not the economy itself but how it was being perceived. The consumer data show why that message may not match the experience of many households.
Presidents do not control every factor affecting the economy. The Federal Reserve sets monetary policy, while Congress controls federal spending and taxation decisions. External events, including the pandemic and international conflict, can also influence prices and growth. Still, the October sentiment and confidence readings provide a snapshot of how voters viewed their finances and economic conditions immediately before the midterm elections.
- University of Michigan sentiment was 48 in October, near its record low.
- Conference Board confidence rose to 91.7 from a revised 84.2 in September.
- Both measures remained below comparable readings from 2024, despite the monthly increase in confidence.
