3 Charts That Explain the Economy as Voters Head to the Polls

Inflation is high, consumer spending is strong and seemingly everything depends on what happens with artificial intelligence.

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By Ben Casselman, Ben Casselman is the chief economics correspondent.

Published: Oct. 18, 2026

Last week provided a final snapshot of the state of the economy before voters head to the polls for next month’s midterm elections.

The flood of government data clarified a familiar picture — and thus a grim one for President Trump and incumbent Republicans.

True, much of the data pointed to strength, or at least stability. Retail sales rose at a healthy pace in September. Filings for unemployment benefits remained low. Industrial output hit a postpandemic high.

But there was no relief on the issue that matters most to many voters, inflation. Consumer prices rose last month at their fastest rate since May, outpacing wage growth for the sixth month in a row. Producer prices, too, came in hot, as did prices for imported goods. And gasoline — the most visible price in the economy, and one that few Americans have any choice about paying — stayed above $4 a gallon nationally, where it has been for most of the past six months.

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