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.
The White House has unveiled a list of 48 drugs that drugmakers will have to pay rebates to the federal government on due to raising their prices higher than the cost of inflation during this year.
Two people were arrested after seven fourth-grade students at a Virginia elementary school experienced a reaction after consuming gummy bears laced with fentanyl.
Emmy-winning actor Andre Braugher, best known in TV shows like 'Brooklyn Nine-Nine' and 'Homicide: Life on the Street,' died on Monday at the age of 61.
