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 NFL player Mike Williams passed away at the age of 36.
Cheddar News checks in with a coast-to-coast forecast of the weather for Tuesday, Sept. 12, 2023, including the latest on Hurricane Lee.
An escaped Pennsylvania murderer was captured Wednesday after eluding hundreds of searchers for two weeks by hiding out in wooded areas, breaking into suburban homes for food, fleeing under gunfire with a rifle pilfered from a garage, stealing a vehicle and changing his appearance, authorities said.
North Korean leader Kim Jong Un vowed support for Russia’s “sacred fight” during a summit with President Vladimir Putin that the U.S. warned could lead to a deal to supply ammunition for Moscow’s war in Ukraine.
Rescue efforts continue in Morocco, days after the region's biggest earthquake in over a century.
Cheddar News checks in with a coast-to-coast forecast of the weather for Tuesday, Sept. 12, 2023.
Houston Rockets guard Kevin Porter, Jr. was arrested and charged with assault on his girlfriend.
American researcher Mark Dickey has been freed by rescuers after being stranded deep in a Turkish cave.
Hurricane Lee, still a Category 3 storm with winds of 115 mph, is expected to increase in size but be significantly weaker in the coming days, as it turns north to reach the U.S. East Coast, according to the National Hurricane Center.
Thousands are dead after flooding in Libya's northeast area.
