The U.S. economy was still chugging along as it rounded out 2022, despite rising interest rates and widespread fears of a recession.
The country's gross domestic product (GDP) was up 2.9 percent in the fourth quarter, according to an estimate from the Commerce Department, even as some sectors slowed.
The department said the overall growth reflected higher levels of consumer spending, private inventory investment, and government spending, as well as a drop off in imports.
Manufacturers and utilities led the rise in private inventory investment, with petroleum, coal products, and chemicals seeing the biggest gains.
As for consumer spending, both services and goods fueled the uptick. Health care, housing and utilities topped services, while motor vehicles and parts topped goods.
The data marks a deceleration in real GDP from the 3.2 percent growth in the third quarter, in large part due to falling exports and a drop in nonresidential fixed investment. Specifically, the housing sector has screeched to a halt in response to higher mortgage rates.
Across NYC's 3,800 bars are trailblazers redefining the industry. From Brooklyn sake to America's best bar, discover what's driving business behind the beverage
Discover Ting, the sensor proven to help detect the electrical hazards hiding inside your walls. Just one plug helps protect your entire home and family 24/7.
Thailand's Chacha Singsuwan turns fish sauce and lobster butter into award-winning cocktails. Discover how her zero-waste approach is redefining mixology.
Kindred talks home-swapping platform for travelers, Chef Robotics introduces AI into commercial kitchens, and Character.AI addresses chatbot safety with teens
