How US consumers feel ahead of Election Day
US consumer sentiment rebounded some in October, but inflation is still the top economic issue heading into the voting booth
‘Barron’s Roundtable’ panelists Ben Levisohn, Megan Leonhardt and Jack Hough preview the economic reaction to Tuesday’s presidential election.
The high inflation that has battered Americans' pocketbooks in recent years remains the top economic issue cited by consumers ahead of Election Day, but U.S. households are expressing more optimism before heading into the voting booth.
The Conference Board's Consumer Confidence Index fell sharply in September, showing the largest decline in sentiment in three years, but rebounded last month as the survey found Americans are a bit less anxious about the future.
Inflation has cooled, but rising prices are still the top concern cited by U.S. consumers heading into Election Day. (Photo by Spencer Platt/Getty Images / Getty Images)
"Inflation and high prices remained a concern," The Conference Board's senior economist for global indicators, Stephanie Guichard, told FOX Business. "In responses to an open-ended question on what is affecting the most their views of the economy, most consumers continue to mention inflation and elevated prices."
A recent survey by Bankrate found inflation was the No. 1 economic issue cited by Americans for the 2024 presidential election, with 41% pointing to rising prices as their top concern.
Voters make selections at their voting booths inside an early voting site on Oct. 17, 2024, in Hendersonville, North Carolina. Polling indicates the race between former President Trump and Vice President Kamala Harris is very close. (Melissa Sue Gerrits/Getty Images / Getty Images)
However, there were sharp divides in consumers' views of the economy, depending on their party affiliations. Fifty-six percent of Republicans named inflation as their top concern, compared to only 28% of Democrats.
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A majority of Americans, 55%, told Bankrate they think the U.S. economy is headed on the wrong track, while 32% think it is headed in the right direction and 13% of respondents said they don’t know.
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"Coming into the election, the U.S. economy has proven more robust and resilient than most expected," said Mark Hamrick, Bankrate's senior economic analyst. "Among the dynamics that have divided Americans’ personal finances are sharp gains in stock prices, rising housing prices, and, of course, inflation, which has disproportionately hampered the spending power of middle—and lower-income households."
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Of those surveyed by Bankrate, 42% said they think former President Donald Trump’s election would be the best for their personal financial situation, while 38% said Vice President Kamala Harris would be best. Twelve percent said neither is best.