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Are American voters actually gloomy about the economy, or is something else going on?
A Pew survey found 84% of registered voters say the economy is very important, even as low unemployment and strong spending continue.
A Pew Research survey in early October 2026 found that 84% of registered voters said the economy was very important to their vote, reflecting deep pessimism ahead of the November 3 midterm elections.
Despite strong business investment and low unemployment, consumer sentiment is 10% below where it was a year ago, according to the Michigan index, creating a disconnect between economic data and voter experience.
Inflation-Adjusted wages are falling in recent months, which helps explain the darkening outlook among voters; meanwhile, spending by the bottom 80% of earners has fallen behind inflation.
The Federal Reserve has consistently cited strong consumer spending in its economic assessments, but the richest 10% of Americans account for half of that spending today, masking broader economic struggles.
With the election approaching, the economy remains the least polarizing issue for voters, with 82% of Republicans and 88% of Democrats ranking it as very important to their vote.