WASHINGTON (AP) — Americans’ outlook on the economy soured a bit this month after two months of small gains, according to the University of Michigan’s consumer sentiment index, released Friday.

The index slipped to 68.9 in October from 70.1 in September, which had been its highest reading since May. “Consumers continue to express frustration over high prices,” said Joanne Hsu, director of consumer surveys at University of Michigan.

Many consumers appear to be reserving judgement about the economy while they wait for the presidential campaign to finish, Hsu added.

Economists noted that the decline occurred after the Federal Reserve cut its benchmark interest rate in September, while gas prices have steadily fallen and overall inflation has cooled, trends that should boost sentiment.

Yet Hurricane Helene and Middle East turmoil could have pushed sentiment lower, Bradley Saunders, an economist at Capital Economics, noted. And after falling in anticipation of the Fed’s rate cut, mortgage rates have climbed in the past two weeks.

The survey bottomed out in June 2022, when inflation peaked at 9.1%, and has since risen by about 40%, though it remains significantly below pre-pandemic levels. In October, Republicans reported a much clearer drop in sentiment than Democrats.

Still, consumers have kept spending despite their gloomy responses to economic confidence surveys, buoying the economy. Growth likely reached 3.2% in the July-September quarter, a healthy pace, according to the Federal Reserve Bank of Atlanta.