US Consumer Confidence Drops Sharply Weeks Before Midterm Elections

US consumer confidence in the economy took a sharp hit in September, as gasoline prices, inflation, and the cost of living fueled concerns just weeks before the midterm elections.

• Why it matters: The economy is emerging as a central issue in the electoral debate, with 47% of registered voters saying the cost of living would be the single most important factor in deciding their vote, according to Reuters/Ipsos.

Gasoline and Inflation Weigh on US Consumer Confidence

The Conference Board’s Consumer Confidence Index fell 6.7 points, from 88.6 in August to 81.9 in September.

👎💸 Optimism about the US economy hits its lowest level in over ten years

💬 A survey conducted by The Conference Board from September 1 to 23 revealed that Americans do not see a good current or near-future outlook for the economy in their… pic.twitter.com/3DhzrHRoO4

— Sputnik Mundo (@SputnikMundo) September 30, 2026

• Perceptions of current conditions also worsened. That index fell 7.9 points to 109.3, while the Expectations Index declined for the third consecutive month to 63.6.

The organization recorded a significant increase in mentions of the price of goods and services, gasoline, and oil among the concerns expressed by consumers.

• The rise in energy prices comes as the war between the United States and Iran continues to put pressure on oil markets. The Conference Board warns that crude oil above $100 adds inflationary pressure and reduces purchasing power.

Cost of Living Gains Importance Ahead of Midterm Elections

The deterioration comes ahead of the November 3 elections, when all 435 House seats and 35 Senate seats will be up for grabs.

• The electoral connection, however, should be interpreted cautiously: declining economic confidence does not determine how Americans will vote.

It does, however, show the economic environment in which they will cast their ballots. The Reuters/Ipsos survey found at the end of August that 47% of registered voters identified the cost of living as the single most important factor in their midterm vote.

Concern extends even into the Republican base. In September, Republican approval of Trump’s handling of the cost of living fell from 70% to 44%, according to Reuters/Ipsos.

Fear of Fewer Jobs in Coming Months Grows

US household finances are not the only source of concern. According to data provided by EFE, 28.4% expect fewer jobs to be available over the next six months, compared with 26.1% in August.

• Dana M. Peterson, chief economist at The Conference Board, also noted that consumers had become more pessimistic about current and future business conditions.

With gasoline prices, inflation, and employment concerns increasingly weighing on households, the economy enters the final stretch of the midterm elections season as one of the issues voters are likely to consider when evaluating their financial situation.