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.
Palestinians in the sealed-off Gaza Strip are scrambling to find safety, as Israeli strikes demolish entire neighborhoods, hospitals run low on supplies and a power blackout is expected within hours.
Claudia Goldin, a Harvard University professor, was awarded the Nobel economics prize on Monday for research that helps explain why women around the world are less likely than men to work and to earn less money when they do.
Defense Secretary Lloyd Austin said Sunday he has ordered the Ford carrier strike group to sail to the Eastern Mediterranean to be ready to assist Israel after the attack by Hamas that has left more than 1,000 dead on both sides. Americans were reported to be among those killed and missing.
