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.
Former Formula One boss Bernie Ecclestone was ordered to pay $803 million to the UK's tax authority after he pleaded guilty to fraud.
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A retired bank official testified that former president Donald Trump obtained hundreds of millions of dollars in loans based on financial statements that have since been deemed fraudulent.
Former Formula One boss Bernie Ecclestone was given a suspended sentence of 17 months after pleading guilty to fraud in a London courtroom.
A Texas kindergarten teacher who gave melatonin gummies to special education students has resigned.
Negotiations have stalled between SAG-AFTRA and Hollywood studios.
A suspended judge in Oklahoma could be removed from office after an investigation into her text messages during a murder trial.
Caitlyn Marie Armstrong, the woman suspected of killing a professional cyclist, attempted to escape authorities during a medical appointment Wednesday. Armstrong was charged with murder for allegedly shooting Anna Mariah Wilson.
Cheddar News checks in with your coast-to-coast weather forecast for Thursday, Oct. 12, 2023.
Palestinians in Gaza lined up outside bakeries on Thursday after spending the night in pitch darkness surrounded by the ruins of pulverized neighborhoods, as Israel launched new airstrikes and said it was preparing for a possible ground invasion.
