Consumer confidence is near its lowest in a decade, and that could be a problem for Biden

Anxiety over the cost of living and the direction of the economy could prove costly to President Joe Biden and his fellow Democrats in Tuesday’s election.

Recent surveys show consumer sentiment has risen only modestly and remains well below where it was a year ago, when inflation worries first began to grip policymakers, shoppers and business executives.

A report released Friday outlined the problem for Washington’s current ruling party. The University of Michigan, which releases a closely watched sentiment survey each month, asked respondents who they trusted more when it came to the economy...