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.
President Joe Biden and First lady Jill Biden are traveling to Lewiston Maine to pay their respects to the people who were killed there in a mass shooting last week.
Cheddar News checks in with your coast-to-coast weekend weather forecast for Friday, Nov. 3, 2023.
Cheddar News checks in with your coast-to-coast weekend weather forecast for Friday, Nov. 3, 2023.
Astronaut Thomas Kenneth Mattingly, who helped bring the crew of Apollo 13 back to earth after an explosion threatened their lunar mission, has died at 87.
A former Pennsylvania nurse who was accused of killing two people at a nursing home now faces additional murder charges.
U.S. Secretary of State Antony Blinken has arrived in Israel to press for more humanitarian aid to be allowed into besieged Gaza.
Desmond Mills Jr. became the first of five officers charged to reverse course.
The 31-year-old was convicted on all seven counts and faces up to 110 years in prison at his sentencing hearing in March.
Thursday's one good thing.
A wildfire in southern California doubled in size as firefighters battled flames fueled by the Santa Ana winds.
