A new AP-NORC poll finds that President Donald Trump's approval rating on the economy has slumped over the past month as the Iran war drives prices higher. Trump's approval rating on the economy dropped to 30% in April from 38% in a March AP-NORC poll. A similarly low share of U.S. adults, 32%, approve of the president's leadership on Iran, which is unchanged since last month. Even Republicans are showing less faith in his leadership, according to the poll, which shows a president who is struggling with unfulfilled promises to tame inflation and testing Americans' patience with a conflict in the Middle East that has dragged on longer than expected.

Shoppers accelerated their spending in March from February, but they spent a good chunk of their money at the gas pump. A spike in gas prices due to the Iran war, now in its eighth week, resulted in a hefty 1.7% gain in March after a revised 0.7% increase in February, according to the Commerce Department's report on Tuesday. The report marks the first read on spending to capture the effects of the Iran war. Excluding gas prices, the growth was a 0.6%, helped in part by government tax refunds and warm weather.

White House economists estimate the United States has a shortage of 10 million houses. That's according to a report out Monday. It says more construction would lower prices, increase home ownership and fuel faster economic growth. President Donald Trump's approval ratings have slumped because of concerns over his handling of the economy. Trump has taken some steps to make it easier to build houses, but he's been slow to embrace other measures. The new report is from the White House Council of Economic Advisers. It lays out a blueprint for how more construction could help the middle class and the economy, setting up an argument Trump could make to voters.

The largest monthly jump in gas prices in six decades caused a sharp spike in inflation in March, creating major challenges for the inflation-fighters at the Federal Reserve and heightening the political challenges of rising costs for the White House. The gas price shock stemming from the Iran war has shifted inflation's trajectory, from a slow, gradual decline to a sharp increase further away from the Fed's 2% target. As a result, the central bank will almost certainly postpone any cut in interest rates for months. Gas prices are also a highly visible cost that has outsize impacts on consumer confidence and political sentiment.

American employers added a surprisingly strong 178,000 new jobs last month, rebounding from a dismal February. And the unemployment rate dipped to 4.3%. The Labor Department reported Friday that hiring marked a rebound from the loss of 133,000 jobs in February. The job gains were about three times what economists had forecast. The unemployment rate was down from 4.4% in February. But uncertainty surrounding the war with Iran — and its impact on energy prices — is clouding the outlook for the labor market.

Sharply swinging oil prices have left consumers feeling the effects of the Iran war and its damage to worldwide energy production. Gasoline prices are climbing. Many people will find some of the most immediate economic pain at the pump. But not only drivers will be affected. Nearly all goods that are bought and sold must travel from where they're produced. That includes food. Those costs will climb with higher gasoline, diesel and jet fuel prices. Heating a home and cooking with natural gas are likely to cost more as the war grinds on. And the spike in oil prices will likely be a big factor for U.S. inflation. As the war continues, some experts say the price of everything could be affected.

The Iran war has scrambled the Federal Reserve's outlook on inflation and unemployment and will likely further delay interest rate cuts this year, putting off any relief for consumers struggling with high borrowing costs for home and car purchases. The spike in oil and gas prices presents already-divided Fed officials with a worst-case scenario as they conclude a key meeting Wednesday. Costlier gas will raise inflation in the short run, which typically causes the central bank to raise borrowing costs — or at least leave them unchanged. Yet if the spike is high enough or lasts long enough, it could hammer the economy and push up unemployment, which the Fed would typically respond to by cutting its key rate.

American employers unexpectedly cut 92,000 jobs last month, a sign that the labor market remains under strain. The unemployment rate blipped up to 4.4%. The Labor Department reported Friday that hiring deteriorated from January, when companies, nonprofits and government agencies added a healthy 126,000 jobs. Economists had expected 60,000 new jobs in February. Revisions also cut 69,000 jobs from December and January payrolls. The surprisingly weak employment picture in February adds to the economic uncertainty over the war with Iran, which has caused oil prices to surge and saddled business and consumers with unforeseen costs.