Commentary With economic sanctions against Russia going into place and little precise knowledge of their effect—on Russia or the United States—America’s post-lockdown recovery otherwise seems to be losing momentum. For months, growth in sales and employment had broken records, as had the pace of new business formation. Now, though the statistical picture is by no means uniform, the economy is signaling something less robust to deal with the strains of the unfolding geopolitical situation. Growth will surely continue. There are no signs of recession yet. But slower growth is in the cards. Though the slowing may seem to link to supply chain problems, something more fundamental is also happening. Any snapback from an artificially constrained situation, as the pandemic was, will lose momentum and slow once it recovers the ground lost to those constraints. That situation describes the economic fundamentals today. Probably the most telling figures come from the Commerce …