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.
Communications systems in the Gaza Strip were down for a second day with no fuel to power the internet and phone networks, causing aid agencies to halt cross-border deliveries of humanitarian supplies even as they warned people may soon face starvation.
Nearly nine out of 10 parents believe their child is performing at grade level despite standardized tests showing far fewer students are on track, according to a poll released Wednesday by Gallup and the nonprofit Learning Heroes.
An Iowa teen convicted in the 2021 beating death of a high school Spanish teacher was sentenced Wednesday to life in prison with a possibility of parole in 25 years.
There were still deep differences on economic competition and global security threats. But Biden said they agreed to “pick up the phone” and talk if urgent issues arise. Biden said “that's important progress."
Israel has threatened to expand operations in the south, where hundreds of thousands of people who heeded earlier evacuation orders are crowded into U.N.-run shelters and family homes.
Eight Las Vegas teenagers ranging from 13 to 17 years old have been arrested and will be charged with murder for the death of 17-year-old Jonathan Lewis Jr.
