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 Nobel Peace Prize has been awarded to jailed Iranian activist Narges Mohammadi for fighting oppression of women in Iran.
Cheddar News checks in midday on the coast-to-coast weekend weather forecast for Friday, Oct. 6, 2023.
NLF legend Dick Butkus has passed away at the age of 80.
Russian President Vladimir Putin suggested the plane crash that led to Wagner leader Yevgeny Prigozhin's death was not caused by an external attack.
A Wisconsin man was arrested for illegally bringing a loaded gun to the Wisconsin capitol and hours later bringing an assault rifle.
The Nobel Peace Prize has been awarded to jailed Iranian activist Narges Mohammadi for fighting oppression of women in Iran.
Three people were indicted and arraigned on second-degree murder charges for the death of a toddler who was allegedly exposed to fentanyl at a Bronx, NY daycare center.
Cheddar News checks in with your coast-to-coast weekend weather forecast for Friday, Oct., 2023.
The Nobel Peace Prize has been awarded to Narges Mohammadi for fighting the oppression of women in Iran.
Ed Kashi is on a global mission to introduce photography to children.
