Copyright Fox Business
Economic concerns were at the forefront of American voters' minds as they cast their ballots on Tuesday in key elections around the country. New York City voters tapped democratic socialist candidate Zohran Mamdani as the Big Apple's next mayor. Voters elected a duo of Democratic congresswomen in gubernatorial races, with Mikie Sherrill prevailing in New Jersey and Abigail Spanberger winning in Virginia, while Californians voted to allow partisan congressional redistricting. Economic issues were a focal point for Americans in several of those key races, and voters had a relatively pessimistic view of the economy, according to the Fox News Voter Analysis (FNVA). Here's a look at some of FNVA's key findings about voters' economic views in the key elections from Tuesday. FED CUTS INTEREST RATES FOR SECOND TIME THIS YEAR AMID LABOR MARKET WEAKNESS Economic conditions A 64% majority of FNVA respondents said that New York City's economy is "not so good or poor" whereas 33% said it was "excellent or good." A similar view prevailed in California, with 62% rating the Golden State's economy as not so good or poor, versus 37% calling it excellent or good. New Jersey voters were slightly more optimistic, as 58% of respondents said the economy is not so good or poor, while 40% called it excellent or good. Virginia voters were the most bullish on their state's economy, with 58% rating it as excellent or good versus 39% who called it not so good or poor. Household finances In New Jersey, 62% of FNVA respondents said their family's financial situation is holding steady – though 23% said they're falling behind and just 12% said they're getting ahead. Virginia voters' sentiments about their family's finances had the same breakdown. California voters were less comfortable with their financial situation, with 59% saying they're holding steady, 29% falling behind and 11% getting ahead. New York City voters expressed similar sentiments but were slightly more optimistic, with the FNVA finding that 59% felt their family finances were holding steady while 22% said they're falling behind and 17% said they're getting ahead. GOVERNMENT SHUTDOWN BLOCKS KEY GDP DATA RELEASE — WHAT DO THE FED'S MODELS SAY ABOUT ECONOMIC GROWTH? Inflation While the inflation rate has slowed noticeably from the 40-year high of 9.1% that was reached in June 2022, it remains well above the Federal Reserve's long-run 2% target and prices generally haven't returned to their pre-pandemic levels. The Labor Department's September consumer price index showed that headline CPI inflation rose to 3% year over year, the highest level since January as the pass-through of tariffs pushed consumer prices higher. In New York City, the FNVA found that a 56% majority of voters said cost of living was the top issue facing the Big Apple. Of those voters, 66% cast their ballots for Mamdani while 29% voted for former New York Gov. Andrew Cuomo. Energy A majority of voters in New Jersey pointed to electricity costs as a significant issue in the election, with 58% calling them a major problem and 28% a minor problem in the FNVA. According to the September CPI report, energy prices are up 2.8% in the last year and electricity costs have risen 5.1% over the past year. INFLATION REMAINED WELL ABOVE THE FED'S TARGET IN SEPTEMBER AHEAD OF RATE CUT DECISION Housing Concerns over housing costs were significant among New York City voters, with 84% calling the cost of housing where they live a "major or minor problem" with Mamdani holding a 53% edge among those voters in the FNVA. GET FOX BUSINESS ON THE GO BY CLICKING HERE The September CPI inflation report found housing prices are up 3.6% from a year ago, with tenants' and household insurance costs up 7.5% since last year.
