US economy faces demand destruction if Iran war keeps Hormuz blocked

17 articles · Updated · CNN · Apr 30

RSM economists Joe Brusuelas and Tuan Nguyen say lower-income US households are already being hit hardest as gas prices rise, inflation jumps, wage growth slows and consumer sentiment weakens.
They warn prolonged disruption could curb travel, car and home purchases, squeeze businesses, trigger layoffs and force the Federal Reserve to raise rates, while fertilizer, helium and gas shortages lift food, chip and medical costs.
Oxford Economics says a worst-case outcome may be avoided as oil retreats from highs and a ceasefire steadies consumers, but recovery could still take at least six months and some spending cutbacks may become permanent.

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