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.
A Chinese court will begin hearing claims for compensation filed by the families of passengers of Malaysia Airlines flight 370 that vanished almost 10 years ago.
Derek Chauvin, the former Minneapolis police officer who was convicted of George Floyd's murder, is expected to survive after being stabbed by another inmate in prison.
The outbreak that began in early 2022 has been much less severe this year as fewer cases of the virus are being found among the wild birds that spread it, but there have still been more than 8 million birds killed this year to help control the spread of the disease.
