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.
General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, three people briefed on the deal said.
Israel says a female soldier captured by Hamas militants during their Oct. 7 incursion has been released during its ground operations in Gaza.
U.S. health regulators are warning consumers not to use more than two dozen varieties of over-the-counter eyedrops because of the risk of infections that could lead to blindness.
The Food and Drug Administration issued an alert and specifically mentioned 26 eye drop products from a number of brands.
Cheddar News checks in with your coast-to-coast weather forecast for Monday, Oct. 30, 2023.
A man has pleaded not guilty to charges of murder, attempted murder and a hate crime in an attack on a Palestinian American woman and her son.
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.
Global governing body of soccer FIFA banned ex-Spanish Federation president Luis Rubiales for misconduct following backlash over his kiss of a top Spanish soccer player following the women's World Cup in August.
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.
