Americans head to the polls on November 3 with the U.S. economy at the forefront of their decision-making, as gasoline prices average $4.22 per gallon—a $1.19 increase from one year ago—and consumer sentiment remains near historic lows. The Federal Reserve’s latest economic data, released ahead of the midterm elections, shows steady job growth despite persistent inflationary pressures, creating a mixed economic landscape for voters.
Consumer sentiment at second-lowest level in 74 years
The University of Michigan’s monthly survey, released last week, recorded consumer sentiment at the second-lowest level ever recorded in the index’s 74-year history. A separate ABC News/Washington Post/Ipsos poll found that half or more Americans describe every household purchase category as “unaffordable,” with 71% of respondents calling gasoline unaffordable—a sharp rise from 28% in February before the war in Iran drove up fuel costs. The average price of regular unleaded gas stood at $4.22 per gallon on October 14, according to AAA, while diesel averaged $6.33 per gallon, a $2.65 increase compared to the same period last year.
Job growth continues amid hiring slowdown
Despite inflation concerns, employers are still adding jobs, though hiring has slowed. The latest economic reports indicate the U.S. economy is continuing to grow, though at a moderated pace compared to previous quarters. Speaking at a rally in Corinth, Miss., on October 14, former President Donald Trump stated that the U.S. economy was experiencing “unbelievable growth, the biggest growth in the history of our country.”
Economic choices shape midterm priorities
Voters are now weighing whether to support candidates who advocate for entrepreneurial freedom and reduced government regulation or those who push for greater federal oversight and expanded social programs. Proponents of deregulation argue that lowering costs for businesses and families will spur long-term economic expansion, while critics contend that current inflation levels require stronger government intervention to protect consumers. The outcome of the midterm elections will determine whether recent economic trends continue or shift direction in the coming years.
Key economic indicators at a glance
- Gasoline prices: $4.22 per gallon (up $1.19 YoY)
- Diesel prices: $6.33 per gallon (up $2.65 YoY)
- Consumer sentiment: Second-lowest in 74-year survey history
- Unaffordability index: Over 50% of Americans rate all major purchase categories as unaffordable
- Job growth: Steady but slowing; economy continues to expand