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May 4, 2026

Tax refunds and AI boom have offset some US economic pain from Iran war and high gas prices, so far

  • An inflation gauge closely monitored by the Fed had its biggest gain in three years, driven by soaring gasoline prices.
    • By PAUL WISEMAN and CHRISTOPHER RUGABER
    AP Economics Writers

    WASHINGTON — Americans are paying for the war in Iran with every visit to the gas station, but some of the damage to the U.S. economy is being offset — for now anyway — by big tax refunds and an investment boom driven by artificial intelligence.

    Prices rose at the fastest pace in almost three years last month, U.S. economic growth is steady and layoffs fell last week, according to a slew of economic data released Thursday.


     
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