U.S. consumer sentiment nears record low as prices weigh on households

Americans feel worse about the economy as prices and borrowing costs stay high.

A University of Michigan index fell to 46.3 in October, close to its record low.

The survey also found that many people plan to cut back on purchases affected by large price increases.

But wealthier households are more likely to keep spending, so weak sentiment does not necessarily mean spending will fall sharply.