US service sector cools in March, inflation heating up amid Iran war
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US Services Sector Slows Amid Iran War
Is inflation surging back under Trump or is the U.S. economy proving its resilience amid global turmoil?
Above: A collection of U.S. dollar bills. Image credit: Sheldon Cooper/SOPA Images/LightRocket/Getty Images
The Spin
Anti-Trump narrative
Inflation is surging back with a vengeance — the ISM's March Services Prices sub-index hit 70.7, the highest since October 2022, and the Iran conflict is a key driver pushing costs higher. Trump's so-called affordability wins are smoke and mirrors: TrumpRX covers only 61 drugs, gas jumped 37% since the war started, and food prices climbed 3.1%. The OECD forecasts inflation topping 4% this year — that's worse than Biden left it.
Pro-Trump narrative
The U.S. economy is proving its resilience even as high gasoline prices from the Iran conflict rattle global markets. While foreign economies face darkening forecasts, spiking inflation risks and rising interest rates, America's deep economic foundations keep it standing strong. The Iran operations are actually exposing how much more adaptable the American economy is compared to the rest of the world.