Government report to show how US economy performed amid Iran war
Summary
A government report will show how the U.S. economy performed in the second quarter of 2026, a period affected by inflation and the Iran war. Economists expect a slight slowdown in economic growth, with an estimated 1.8% rise in GDP compared to 2.1% growth in the previous quarter.Key Facts
- The U.S. economy likely grew at an annual rate of 1.8% in April to June 2026, down from 2.1% in the previous quarter.
- Inflation rose to 3.5%, above the Federal Reserve’s target of 2%.
- Gasoline prices peaked at $4.56 per gallon in May but have since eased.
- Hiring remained strong despite higher costs for businesses and consumers.
- Artificial intelligence (AI) investment contributed to much of the economic growth in early 2025.
- The Federal Reserve considered raising interest rates to combat inflation, with rates currently between 3.5% and 3.75%.
- Fed Chair Kevin Warsh has committed to reducing inflation to protect Americans from high prices.
- The report comes just after the start of the Iran war, which caused a global oil shock.
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