A week before the U.S. midterm elections, rising prices are weighing on Republican voters’ confidence in the economy. The University of Michigan’s consumer sentiment survey found that from January to October 2026, the share of Republican respondents who said high prices were hurting their personal finances rose more than it did among any other political group. Republicans remain more optimistic overall than Democrats and independents, but pressure from the cost of living is growing and their economic assessments are weakening.
Pew finds Republicans more pessimistic about the economy
The Pew Research Center surveyed 5,062 U.S. adults from September 28 to October 4. Its results showed that fewer Republicans and Republican-leaning respondents now consider the country’s economic conditions good. Views of the economy have historically tracked party control: Democrats tend to be more optimistic under a Democratic administration, while Republicans have generally been more upbeat when their party is in power. The current decline in confidence among Republicans is therefore drawing particular attention.
The share of Republican respondents who said Donald Trump’s economic policies had worsened conditions rose from 18% in January 2026 to 35% in October, Pew found. The proportion expecting the economy to be worse in a year increased from 14% to 25%.
White House spokesman Matthew Middleton said the Trump administration’s pro-growth economic agenda had eased the effects of earlier high inflation, supported economic growth and wage gains, and created private-sector jobs. He attributed recent price volatility to the conflict with Iran and said the administration would continue pursuing economic results.
Energy costs rise as inflation outpaces wages
Concerns about prices have coincided with higher energy costs. September’s Consumer Price Index rose more than expected, with a sharp increase in energy prices a key driver of inflation. Inflation has outpaced wage growth for six consecutive months, leaving many households’ purchasing power under pressure. The labor market has also shown signs of weakness: the U.S. added just 29,000 nonfarm jobs in September, well below economists’ expectation of 90,000.
An SSRS economic attitudes tracker also found that Republican respondents are now more likely to describe the economy as “poor” rather than “good.” Among independents, the share with a positive view of the economy fell to 12%, down from a high of 25% in August 2025. The surveys use different methods, but each points to a deterioration in how households view economic conditions.
Cost of living takes center stage before midterms
With one week until Election Day, everyday expenses such as housing, gasoline and electricity have become prominent topics in campaigns across swing states. Candidates from both parties are highlighting how their policies could reduce living costs, as voters’ experience of prices may influence their choices.
The parties’ perceived strength on economic issues has also shifted. In an April poll by Ipsos, The Washington Post and ABC News, 34% of respondents said Republicans were better equipped to handle the economy, slightly ahead of the 33% who favored Democrats. By October 13, the results had reversed: 37% said Democrats were better suited to manage the economy, compared with 28% for Republicans.
As the midterm elections approach, inflation, wage growth and employment remain key measures of how voters are experiencing the economy.