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 leader of Hamas said that a truce agreement is close and would reportedly include a multi-day ceasefire and the release of at least 50 hostages in exchange for Palestinian women and children detained in Israel.
For years, Geoffrey Holt was known as a mobile home park groundskeeper in a small New Hampshire town. Now, he's being remembered as a millionaire who gave his $3.8 million fortune to the community.
A Navy plane flying in rainy weather overshot a runway Monday at a military base in Hawaii and splashed into Kaneohe Bay, but all nine aboard were uninjured, authorities said.
Senior Hamas officials said Tuesday that an agreement could be reached soon in which the militant group would release hostages and Israel would free Palestinian prisoners.
The United Auto Workers union has overwhelmingly ratified a new contract with Ford and Stellantis, a pact that, along with similar deals with General Motors, will raise pay across the industry.
