US consumer sentiment hits near-record low as fuel prices surge before midterms

The University of Michigan's October consumer sentiment index fell to 48.0, the second-lowest reading since 1978, as high fuel prices weigh on consumers.

• The October index dropped to 48.0 from 48.1 in September, the second-lowest reading on record behind May's 44.8.
• A gallon of regular unleaded averaged $4.29 nationwide, 40% above a year ago, and diesel at $6.32 ran nearly 75% higher.
• Joanne Hsu, director of the Surveys of Consumers, said 56% of consumers spontaneously cited higher prices hurting their finances, with Republicans showing the largest rise.
• The survey showed consumers' five-year inflation expectations rose to 3.5% from 3.4% in September.