McDonald's Sales Growth Slows Amid High Gas Prices

McDonald's US sales growth slowed significantly in its second quarter, rising just 0.8% year-over-year as high gas prices and consumer anxiety weighed on discretionary spending.

The fast-food giant reported a strong profit of $2.36 billion, or $3.32 per share, beating analyst expectations despite revenue coming in slightly short at $7.1 billion.

The company warned in May that high gas prices and consumer unease over the US conflict with Iran could impact sales, and it appears those concerns are becoming a reality for lower-income Americans who are feeling the pinch of rising costs.