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Even though higher borrowing costs and rising living costs slowed growth, the US economy did better than expected at the end of last year. According to official numbers, the US economy grew at an annual rate of 2.9% in the last three months of 2022. That was less than the 3.2% in the previous quarter because home sales and buildings fell. Even though the job market has been stable, some analysts are worried that the US economy is heading for a recession. The unemployment rate is close to a record low, but other parts of the economy are getting worse. Even though December is usually a big shopping month, retail sales dropped 1.1% from November to December. The economy has also hurt manufacturing, and the stock market dropped sharply last year. According to a report on Thursday, housing investment, which is affected by interest rates, fell at an annual rate of almost 27% in the three months leading up to December. This happened because fewer new homes were being built. But consumer spend...

Tesla says it sold a record 1.3 million electric cars last year, 40% more than in 2021. It happened after the company had delivered more than 405,000 cars in the last three months of 2022. Wall Street had predicted that there would be about 430,000 deliveries during this time. People will probably buy fewer cars this year because they are worried about rising interest rates and a possible recession. In a letter to investors, Tesla said that it had to deal with “significant challenges related to Covid and the supply chain all year.” On Tuesday, South Korean officials said they would fine Tesla $2.2 million (£1.8 million) for not telling customers that its electric cars have a shorter range in cold weather. The Korea Fair Trade Commission said the company lied about how far its cars could go on a single charge, how much cheaper they were to run than gasoline cars, and how well their Superchargers worked. When the BBC asked Tesla for his opinion, he didn’t respond immediately. During the ...