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.
A judge in West Virginia ruled that abortion pill sales can be restricted.
Cheddar News checks in with a coast-to-coast forecast of the weather for Friday, August 25, 2023.
The recent wildfires and ensuing smoky air led to a spike in emergency room visits.
The Pentagon said it will train Ukrainian pilots to fly F-16 fighter jets for its war against Russia.
The Kremlin said it had no role in Wednesday's plane crash that presumably killed Wagner mercenary chief Yevgeny Prigozhin and some of his top lieutenants.
Cheddar News checks in with a coast-to-coast forecast of the weather for Friday, Aug. 25, 2023.
Anyone in the U.S. who had an account at any time between May 24, 2007, and December 22, 2022, is eligible to receive a payment. The 2022 settlement resolves a lawsuit alleging that Facebook allowed millions of its users’ personal information to be fed to Cambridge Analytica, a firm that supported Donald Trump’s 2016 presidential campaign.
Ashkan Bayatpour was convicted Wednesday of a state misdemeanor charge of assault and battery in a case that was remarkable for breaking through the CIA’s veil of ultra-secrecy and playing out in a public courtroom where it has emboldened a sexual misconduct reckoning.
Four people were arrested Wednesday in connection with the kidnapping of newborn twins in Detroit.
North Korea's second attempt to launch a spy satellite into orbit failed.
