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.
Authorities searched near two South Carolina lakes on Monday for a military jet that apparently crashed after the pilot safely ejected over the weekend.
Authorities searched Monday for a former NFL player after his 73-year-old mother's body was found near a creek behind her suburban Chicago home.
After serving an in-school suspension over his hairstyle, a Black high school student in Texas immediately received the same punishment when he arrived at school Monday wearing his hair as before in twisted dreadlocks tied on top of his head, his mother said.
Dramatic video showed first responders rescuing a man from his vehicle during major flooding.
Russell Brand is denying a series of sexual assault allegations by several women.
Two people are facing multiple charges including murder after a one-year-old boy died at a daycare in the Bronx, NY.
The United Nations is releasing an updated death toll in the Libya flooding disaster.
Two pilots were killed following a crash at an air show in Reno, Nevada.
Hurricane Nigel has formed in the Atlantic and is expected to intensify in the next 24 hours. Meanwhile, Lee brought rough surf along the U.S.-Canada border but the storm is expected to dissipate by Tuesday.
Cheddar News checks in with a coast-to-coast forecast of the weather for Friday, Sept. 15, 2023, including the latest on Hurricane Lee.
