American shoppers are feeling glum, and it is getting worse.

The University of Michigan's early reading of consumer sentiment for October fell to 46.3, Markets Insider reported. That is down from 48.1 in September and below the 47.6 that economists expected. It was the lowest level since May, when the index hit a record low.

The survey asks people how they feel about their money and the economy. A reading this low means many people expect hard times.

Sharecast said the drop came from weaker views on buying big items, like cars and appliances. Year-ahead expectations improved a little. Democrats and Republicans both showed small gains, but independents grew more negative.

The pain is uneven. Confidence fell sharply for lower-income households and for people with smaller stock holdings, Sharecast reported. Those groups are more exposed to rising living costs.

Prices are a big part of the story. Gasoline and diesel prices have soared since the war with Iran began in February. Diesel averaged about $6.23 a gallon on Friday, according to AAA.

Reuters noted that consumers drive about 70% of the U.S. economy, and that near-term expectations in the survey sank to an all-time low.

The mood matters for businesses. When people feel worried, they often put off big purchases, which can slow growth.

The final October reading comes later this month. More clues arrive next week, when the government releases September inflation data on Oct. 14 and retail sales on Oct. 15.

What we know: the early October index fell to 46.3.
What we don't: whether lower fuel prices could lift the final October number.