The war in Iran has shaken energy prices and supply chains.
President Donald Trump’s war in Iran has caused an economic mini-disaster, according to new data.
The U.S. economy took a hit in the second quarter, slowing to an annualized growth rate of 1.5 percent as Trump’s conflict hammered energy markets, fractured supply chains, and drove up everyday costs.
The sluggish output marks a noticeable drop from the 2.1 percent rate of growth recorded in the first three months of the year, according to initial estimates released by the Bureau of Economic Analysis.
While crude oil prices have cooled off from their spring peaks, American families and businesses are still getting squeezed by elevated prices at the pump and rising costs for petroleum-derived goods. Because gross domestic product figures adjust for inflation, those persistent price spikes dragged down the nation’s overall growth numbers.
