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.
Hundreds of thousands of Palestinians have decided to stay in their homes in northern Gaza despite Israeli warnings that they face grave danger if they don't move south.
Muslim and Jewish civil rights groups say they’ve seen large increases in reports of harassment, bias and sometimes physical assaults against members of their communities since the Oct. 7 Hamas attacks.
Shocked and fearful Maine residents are keeping to their homes for a second night as hundreds of police and FBI agents search intently for Robert Card, a U.S. Army reservist authorities say fatally shot 18 people at a bowling alley and a bar.
Dozens were arrested in Las Vegas Wednesday after a rally on the Vegas Strip after thousands of hotel workers protested in a fight for new union contracts.
Doctors in Taiwan made a surprising discovery when a 64-year-old female patient complained of a clicking and rustling sound in her ear, which turned out to be a spider.
Israel rolled tanks into northern Gaza for what the military called a targeted raid aiming to destroy Hamas infrastructure. Meanwhile, the UN Security Council failed to pass two separate resolutions proposed by the U.S. and Russia on humanitarian aid for civilians in Gaza.
