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.
Because tennis balls are extremely hard to recycle and the industry has yet to develop a ball to make that easier, nearly all of the 330 million balls made worldwide each year eventually get chucked in the garbage, with most ending up in landfills.
The relief money, totaling roughly $190 billion, was meant to help schools address needs arising from COVID-19, including making up for learning loss during the pandemic. But the latest national data shows large swaths of American students remain behind academically.
Spanish state prosecutors say soccer player Jenni Hermoso has accused Luis Rubiales of sexual assault for kissing her on the lips without her consent after the Women’s World Cup final.
Four months after a civil trial jury found Donald Trump sexually abused and defamed advice columnist E. Jean Carroll, a federal judge has ruled still more of the ex-president’s comments about her were libelous. The decision means an upcoming second trial will concern only how much more Trump has to pay Carroll.
