"We don't see a strong case that geopolitical risks are playing much of a role in the current soft patch in the economy," said Ira Kaminow, chief economist for Capital Insights Group, a Washington economic consulting firm.
"Much of the recent economic weakness can be explained by more traditional factors," such as excess capacity and a glut of office buildings.
As a result, he said, there will be little kick to the rebound when the standoff with Iraq is resolved.
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