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 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.
UW-La Crosse Chancellor Joe Gow. Wisconsin-La Crosse fired Gow on Wednesday, Dec. 27, 2023, after learning Gow and his wife have been producing and appearing in pornographic videos. Gow maintains the firing violated his free speech rights.
The U.S. military is now putting independent lawyers in charge of its investigations of sexual assault and other major crimes, what Secretary of Defense Lloyd J. Austin III has called the "most important reform" to the military justice system in recent history.
A decades-old law bans Medicare from paying for weight loss drugs. Now, drugmakers and a wide-ranging bipartisan coalition of lawmakers are gearing up to push for that to change next year.
Barring a court order, in March Texas police will start being able to arrest people they suspect have entered the U.S. illegally, but increases in border crossings since a 2021 law authorizing some arrests shows the limits of that approach in the face of desperation that causes people to risk everything and travel thousands of miles to the U.S.
Mexico began clearing tents, both occupied and unoccupied, from the encampment in the border city of Matamoros, across from Brownsville, Texas, starting Tuesday.
