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.
Cheddar News checks in with a coast-to-coast forecast of the weather for Tuesday, Aug. 29, 2023 and the latest on Hurricane Idalia.
Police charged a graduate student at the University of North Carolina with first-degree murder for allegedly shooting and killing a faculty member.
Monday marks 60 years since Dr. Martin Luther King, Jr.'s 'I Have a Dream' speech during the March on Washington.
Cheddar News checks in with a coast-to-coast forecast of the weather for Monday, Aug. 28, 2023.
Yale says it will modify its policies regarding medical leaves of absence, including streamlining the reinstatement process for students who return to campus when they are ready.
Hawaiian Electric Co. had not insulated miles of wires, which can spark on contact, or replaced old, leaning wooden utility poles not built for strong winds.
Camp Pendleton, CA - December 05: A MV-22 Osprey aircraft is used during the annual Steel Knight training exercise on Monday, December 5, 2022 at Camp Pendleton. (Photo by Mindy Schauer/MediaNewsGroup/Orange County Register via Getty Images)
The original march in 1963 drew as many as 250,000 people and helped pave the way for the passage of federal civil rights and voting rights legislation in the next few years.
The 21-year-old man used a handgun and an AR-15 semiautomatic rifle — both if which were purchased legally earlier this year — to kill three Black people.
Idalia could approach Florida on Wednesday with winds of up to 100 mph (160 kph), according to the latest forecasts from the Hurricane Center. That would make it a Category 2 hurricane.
