High gas prices, cost of living send US consumer sentiment to all-time low

US Consumer Sentiment Slumps to Record Low on Inflation Worries

The survey, released on Friday, deepens US President Donald Trump’s political woes ahead of the midterm elections in November, which will determine whether his Republican Party can retain control of Congress.

As Trump struggles to shrug off mounting concerns over affordability, he is due to swear in Kevin Warsh as the new chair of the Federal Reserve.

This figure is down from 48.2 earlier in the month and 49.8 in April, significantly missing Reuters economists' forecasts for the index to remain unchanged at 48.2.