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The nation's gross domestic product grew at an annual rate of 1.5% in the second quarter, the Commerce Department said Thursday, weaker than economists expected and a sign the Iran war is hurting growth.Economists polled by Reuters predicted GDP would rise at an annualized rate of 2.1% for April to June. GDP measures the total value of goods and services produced in the U.S. The economy grew at a 2.1% rate in the first quarter.The reading shows an economy grappling with the impact of the conflict in the Middle East, which has disrupted shipping in the Strait of Hormuz and driven up global energy costs.
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Along with healthy consumer spending, booming investment in artificial intelligence is also keeping the economy moving forward, according to Oxford Economics.
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The nation's gross domestic product grew at an annual rate of 1.5% in the second quarter, the Commerce Department said Thursday, weaker than economists expected and a sign the Iran war is hurting growth.Economists polled by Reuters predicted GDP would rise at an annualized rate of 2.1% for April to June. GDP measures the total value of goods and services produced in the U.S. The economy grew at a 2.1% rate in the first quarter.The reading shows an economy grappling with the impact of the conflict in the Middle East, which has disrupted shipping in the Strait of Hormuz and driven up global energy costs.
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