Consumers are losing purchasing power, and that's driven sentiment to historically low levels.
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A gallon of unleaded gas costs 40% more today than it did last year. A gallon of diesel is running nearly 75% higher.

As for Americans’ optimism about the economy 11 days before the midterm elections? That’s nearly running on empty.

High gas prices and years of persistently elevated inflation continue to drag down US consumer sentiment to historically low levels, new data showed Friday.