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.
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A shooting at Philadelphia International Airport last night has left one police officer dead and another wounded and in stable condition.
Unionized health care workers have struck a tentative agreement with Kaiser Permanente after the biggest health care strike in U.S. history.
American citizens in Israel can start leaving the country on charter flights starting Friday after the State Department said flights will take Americans and immediate family members to either Athens, Greece or Frankfurt, Germany.
A former Barclays bank boss has been banned from UK banking over misleading regulators about ties to the disgraced financier and sex offender Jeffrey Epstein.
Cheddar News checks in with your coast-to-coast weekend weather forecast for Friday, Oct. 13, 2023.
A shooting at Philadelphia International Airport Thursday night left one police officer dead and another wounded and in stable condition.
The Israeli military has ordered the 1.1 million residents of northern Gaza to evacuate to the south within 24 hours as U.S. Defense Secretary Lloyd Austin arrived in Israel.
The U.N. says Israel’s military has told some 1 million Palestinians living in Gaza to evacuate the north.
New York now is trying to restrict algorithms that target young users on a number of social media platforms.
