Back-to-back GDP slowdown, Fed doubling down, a cooling jobs market, red-hot prices and tech’s big bang, here are the main economic highlights from a busy week.
It was an eventful, data-packed week for the US economy.
The Federal Reserve, the country’s central bank, raised interest rates by 75 basis points on Wednesday, the second time in as many meetings, in the hopes that higher borrowing costs help balance supply and demand. On Thursday, gross domestic product (GDP) estimates indicated that the US economy contracted for two consecutive quarters, stirring concerns that the country may be headed towards a recession.
On Wall Street, some of the biggest names in American industry including Apple, Amazon, Microsoft and Google-parent Alphabet released better-than-expected earnings and forecasts, sending stocks higher. Other data showed that the US labour market is still very tight despite companies announcing layoffs.
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