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.
Monday marked 22 years since the Sept. 11 terrorist attacks on the World Trade Center in New York and Pentagon in Washington, DC. Cheddar News' Michelle Castillo spoke with Lt. Jim McCarthy, a firefighter who shared his memories of that day and discussed the health struggles that first responders continue to suffer from to this day.
New Mexico Gov. Michelle Lujan Grisham has issued an emergency public health order temporarily suspending the right to carry firearms in public across Albuquerque and surrounding Bernalillo County.
“Extraneous materials” triggered nine recalls in 2022 of more than 477,000 pounds of food regulated by the U.S. Department of Agriculture’s Food Safety and Inspection Service — triple the number of recalls tied to food contaminated with toxic E. coli bacteria.
The death of a Massachusetts teenager after his family said he ate an extremely spicy tortilla chip has led to an outpouring of concern about the social media challenge.
Amid offers from several countries, Moroccan officials said they are accepting international aid from just four countries: Spain, Qatar, Britain and the United Arab Emirates.
Danelo Souza Cavalcante stole an unlocked van with its keys inside sometime Saturday night about three-quarters of a mile from the northern perimeter of the search area where hundreds of law enforcement officers had been searching for him.
About 146,000 U.S. auto workers are set to go on strike this week if General Motors, Ford and Stellantis fail to meet their demands for big pay raises and the restoration of concessions the workers made years ago when the companies were in financial trouble.
