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.
Surgeons have transplanted a pig’s heart into a dying man in a bid to prolong his life – only the second patient to ever undergo such an experimental feat. Two days later, the man was cracking jokes and able to sit in a chair, Maryland doctors said Friday.
Tropical Storm Ophelia formed off the mid-Atlantic coast and was expected to bring heavy rain, storm surge and windy conditions over the weekend, the National Hurricane Center said Friday.
A judge has ruled that one of the five defendants set to be tried for the Sept. 11 attacks is incompetent to stand trial.
Cheddar News checks in with a coast-to-coast forecast for Sept. 22, 2023 and the weekend.
Much of the East Coast is currently under a tropical storm warning.
The New York Police Department found a trap door and drugs at a Bronx daycare where a one-year-old child died after being exposed to suspected fentanyl.
A poll showed that a majority of Americans support the recent strikes involving writers, actors and auto workers.
A new piece of legislation could legalize gay marriage in Navajo Nation.
A Northern California coroner's office confirmed that actor Angus Cloud died of an accidental drug overdose in July.
The school building where 17 people were shot and killed in Parkland, Florida will be demolished next year.
