Sentiment Looks Worse Than a Recession. November 2 Did Not Reprice Groceries.

American shoppers are heading toward Tuesday’s midterms with consumer sentiment described as weaker than in deep recessions, while the same report says the economy is still growing.

On November 2, CBC said the University of Michigan Index of Consumer Sentiment is lower than during the toughest recessions of the 1980s or the 2008-09 crisis. Labour economist Kathryn Anne Edwards said only three times since the 1970s have more than half of Americans called the government’s economic management bad, and that the share is now 74 percent. She tied sharp drops in the index to tariffs and the start of the war with Iran. The article does not print the latest index number.

RBC economists quoted in the piece said spending is still robust, layoffs are very low, and unemployment has been stable. Desjardins economist Francis Genereux wrote that many voters now treat the economy as inflation. A New York Fed paper cited by CBC estimates that by February 2026 tariffs had added 2.9 percentage points to goods-price inflation. That estimate is not a new November receipt. No gasoline average was published in the article.

Does this November 2 report mean U.S. prices rose again that day? No new price index was published. The verified point is very weak reported sentiment, not a fresh grocery or fuel bill.