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.
The suspect accused of orchestrating the killing of iconic rapper Tupac Shakur will be arraigned Thursday on a murder charge. Duane Davis is expected to plead not guilty to murder with the use of a deadly weapon.
A Russian-American journalist working for a U.S. government-funded media company has been detained in Russia and charged with failing to register as a “foreign agent,” her employer said Thursday.
Lawyer Sidney Powell pleaded guilty to reduced charges Thursday over efforts to overturn Donald Trump’s loss in the 2020 election in Georgia, becoming the second defendant in the sprawling case to reach a deal with prosecutors.
The suspect accused of orchestrating the killing of iconic rapper Tupac Shakur is set to be arraigned Thursday on a murder charge. Duane Davis is expected to plead not guilty to murder with the use of a deadly weapon.
