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.
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.
A man is suing New York City and two detectives for at least $50 million after he was wrongfully convicted in the 1995 killing of a subway token booth clerk.
The Texas Supreme Court has ruled against a woman seeking an abortion while in Arizona, the state Supreme Court will begin hearing oral arguments in an abortion rights case.
