The U.S. Treasury Department on Monday expanded its efforts to isolate Iran and its pursuit of nuclear weapons, announcing new sanctions seeking to limit the supply of goods, services, technology and financial assistance used to support the country's petrochemical industry.
"For the first time, we are identifying the entire Iranian banking sector - including the Central Bank of Iran - as a threat to governments or financial institutions that do business with Iranian banks," Treasury Secretary Tim Geithner said in a speech at the State Department.
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WASHINGTON (MarketWatch) - The U.S. economy grew at a 2.0% pace in the third quarter, down from an initial estimate of 2.5%, mainly because companies reduced inventories and did not invest as much, the U.S. Commerce Department reported Tuesday. Economists surveyed by MarketWatch expected the government to trim its estimate to 2.3% for the period of July to September. In the third quarter, consumer spending rose 2.3%, down from an original reading of 2.4%. Businesses investment, initially reported to have risen 16.3%, rose a lesser 14.8%. The downward revision was largely linked to a decline in inventories, which fell $8.5 billion in the third quarter after surging $39.1 billion in the second quarter. Corporate profits also slowed to $39.8 billion from $61.2 billion in the prior quarter. Exports rose 4.3% instead of 4.0% as originally reported. Yet imports rose a much smaller 0.5% compared to an initial reading of 1.9%. Imports subtract from GDP. Excluding imports, final sales of goods and services purchased in the U.S. was left unchanged at a 3.6% increase. Inflation, as measured by the consumer PCE index, was little changed under the revised data.
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