The Week in Numbers: Fed hikes, growth shocks

STORY: From another big rate hike by the Fed, to a bumper week for big earnings, this is the Week in Numbers.

GRAPHIC 0.75%

Another three quarters of a percentage point was the latest rate hike from the U.S. Federal Reserve.

Fed chair Jerome Powell says there’s no mystery why the bank went big again:

"The labor market is extremely tight and inflation is much too high.” [4884]

Powell says he won’t flinch from further action if needed.

GRAPHIC 0.9%

0.9% was the shock slide for U.S. GDP in the second quarter, when economists had predicted a rebound.

Consumer spending growth slowed, with exports the only real bright spot.

Though definitions differ, the U.S. now looks to be on the cusp of a recession.

GRAPHIC $28.8 billion

$28.8 billion was the quarterly revenue at Facebook-parent Meta. That was down on last year, marking its first-ever decline.

Recession fears and stiff competition weighed on its ad sales.

GRAPHIC 14%

14%, by contrast, was the jump in ad sales at Google. Analysts say that suggests search is a better bet than social for weathering a downturn.

Microsoft also reassured investors with a double-digit revenue growth forecast, while Apple beat forecasts thanks to strong iPhone sales.

GRAPHIC 15%

And 15% is the target cut in gas consumption for EU member states.

Policymakers want to limit dependency on Russian supplies, in case Moscow turns off the taps altogether.

But critics say the EU plan is riddled with exemptions for countries and industries.

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