What to know about the US economy as midterm elections near – ABC News – Breaking News, Latest News and Videos

What to know about the US economy as midterm elections near  ABC News – Breaking News, Latest News and Videos

The economy ranks as a top concern among voters as campaigns race toward the midterm elections early next month. Inflation is weighing on shoppers, but the economy continues to grow. The federal government has released most of the major economic data left to be unveiled ahead of the Nov. 3 midterm elections, meaning voters already have all of the official economic numbers before they head to the polls. But other indicators show that the economy ranks as a top concern among Americans, who are growing ever more frustrated with their increasing inability to make ends meet. The University of Michigan's monthly survey, for example, the latest of which was released last week, shows consumer sentiment currently stands at the second-lowest level ever recorded in the survey's 74-year history.

Additionally, half or more Americans described every household purchase category measured as “unaffordable” in the latest ABC News/Washington Post/Ipsos poll. A 71% majority of respondents now call gasoline unaffordable, up from 28% who said the same in February, before the war in Iran drove up fuel costs. The average price of a gallon of regular unleaded gas stood at $4.22 a gallon Thursday, $1.19 more than this time a year ago, according to AAA, while a gallon of diesel averages $6.33 a gallon, a $2.65 per gallon increase compared to a year