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What to know about the US economy as midterm elections near
ABC News - Breaking News, Latest News and Videos • • business
Key Points:
- Ahead of the Nov. 3 midterm elections, most major federal economic data has been released, yet Americans remain concerned about affordability amid rising inflation and stagnant wages.
- Consumer sentiment is near its lowest in 74 years, with over 70% of Americans now considering gasoline unaffordable due to prices averaging $4.22 per gallon for regular unleaded and $6.33 for diesel.
- Inflation rose at an annual rate of 3.7% in September, surpassing the Federal Reserve's 2% target, while wage growth has lagged behind since April, reducing consumers' purchasing power.
- The U.S. economy grew at an annualized rate of 3.4% in the third quarter, boosted in part by increased spending on artificial intelligence, which accounted for over 20% of recent GDP growth.
- Job growth remains positive but volatile, with an average of 68,000 jobs added monthly in 2026 so far, though September saw a sharp slowdown to 29,000 jobs added; unemployment has stayed low at or below 4.4% since 2017.
