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. 

More In General News
Buses of Migrants Seem to Use 'Loophole' to Avoid New NYC Rules
A New Jersey mayor says buses of migrants bound for New York City have been stopping at the train station in his town and others in an apparent effort to evade an executive order by New York's mayor trying to regulate how and when migrants can be dropped off in the city.
World Population Reached 8 Billion People on Jan. 1
The world population grew by 75 million people over the past year and on New Year's Day, it was estimated to stand at more than 8 billion people, according to figures released by the U.S. Census Bureau on Thursday.
Load More