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 13-year-old Florida boy is being charged with first-degree murder after being accused of fatally stabbing his mother while she was sleeping.
Former Pittsburgh Penguins player Adam Johnson died after appearing to suffer a deep cut to his neck from a stake during a game in England.
The man charged with killing a six-year-old Palestinian-American boy and stabbing his mother earlier this month is scheduled to appear in court Monday.
Cheddar News checks in with your coast-to-coast weather forecast for Monday, Oct. 30, 2023.
Hundreds of people have stormed into the main airport in Russia’s Dagestan region and onto the landing field, seeking passengers arriving from the Israeli city of Tel Aviv.
Spring Hill General Motors workers picket outside of the plant in Spring Hill, Tenn., after United Auto Workers Local 1853 announced a strike after 44 days of negotiations with GM, Sunday, Oct. 29, 2023. (Nicole Hester/The Tennessean via AP)
Two local law enforcement chiefs told The Associated Press that a statewide alert was sent in mid-September to be on the lookout for Army reservist Robert Card because of threats he made against his base and fellow soldiers.
The Israeli military intensified airstrikes in Gaza on Sunday, including near its largest hospital, and another hospital was damaged by bombardment close by.
The Gaza Health Ministry said the death toll among Palestinians passed 8,000, mostly women and minors, as Israeli tanks and infantry pursued what Israeli Prime Minister Benjamin Netanyahu called a “second stage” in the war ignited by Hamas’ brutal Oct. 7 incursion.
How to enjoy NYC without breaking the bank.
