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.
In this image taken from video, a cable car carrying six children and two adults dangles hundreds of meters above the ground in the remote Battagram district, Khyber Pakhtunkhwa, Pakistan on Tuesday, Aug. 22, 2023. The cable car malfunctioned, trapping the occupants for hours before rescuers arrived in helicopters to try to free them. (AP Photo)
The weakened storm could still cause “continued life-threatening and locally catastrophic flooding” was expected over portions of the southwestern U.S., following record-breaking rainfall, according to the National Hurricane Center in Miami.
Laura Ann Carleton, 66, was pronounced dead at the scene of the shooting Friday night. Authorities say an armed suspect was later located and killed after a confrontation with deputies.
Nearly two weeks after wildfires devastated the town of Lahaina, Hawaii, crews have searched about 60% of the scorched areas but scores of people remain missing.
University athletic departments and collegiate sports conferences are paying millions of dollars for bet-tracking services to make sure that student-athletes, coaches and staff aren't gambling in violation of school and NCAA rules and state laws.
