Consumer sentiment shows cost-of-living frustration

Data: University of Michigan; Chart: Courtenay Brown/AxiosOne of the final snapshots of how Americans feel about the economy before voters head to the polls in the midterm elections shows a nation still deeply frustrated by the cost of living.By the numbers: The University of Michigan's consumer sentiment index registered 48 in October, virtually unchanged from September's 48.1 and revised higher from a preliminary reading of 46.3.That initial estimate was the second-lowest in the survey's history, behind the all-time low hit in May.Even after the upward revision, sentiment remains 10% below its level this time last year.Zoom in: Beneath the flat headline reading, consumers grew more pessimistic about current economic conditions, with that index falling more than 4 points to 46.7.Buying conditions for durable goods plunged 18% amid high prices and rising borrowing costs — accounting for the entire decline in consumers' assessment of current economic conditions."Purchasing power continues to dominate consumer views of the economy," Joanne Hsu, director of the survey, said in the release.But consumers' outlook for the future improved, with the expectations sub-index rising 2.5 point…

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