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.
One good thing turned in to with these South Korean twin pandas.
Police have removed the remains of at least 189 people from a Colorado funeral home after responding to a report of an "abhorrent" smell earlier this month.
Actor Alec Baldwin could once again face criminal charges for a deadly shooting on the 'Rust' movie set in 2021 when cinematographer Helena Hutchins was killed and director Joel Sousa was injured.
Police have identified the person responsible for the death of a Florida nurse nearly four decades ago in Lakeland, Florida.
Police have removed the remains of at least 189 people from a Colorado funeral home after responding to a report of an "abhorrent smell."
The Pentagon has released videos of what it calls coercive and risky maneuvers conducted by Chinese jets, saying there have been over 180 incidents that have fallen into this pattern.
Cheddar News checks in with your coast-to-coast weather forecast for Wednesday, Oct. 18, 2023.
Budgeting Your Fall Dates
One Good Thing: Dog Rescued From Cave
Cheddar News checks in with your coast-to-coast forecast for Oct. 17, 2023.
