Paul Ashworth

Paul Ashworth: The government on Wednesday sharply revised down its estimate of growth in the January-March quarter to a 1.1 per cent annual rate from a previously estimated 1.8 per cent rate, according to 660 News. The April-June growth figure indicates that the recovery is gaining momentum, Paul Ashworth, an economist at Capital Economics, said in a note to clients and WASHINGTON The U.S. economy grew from April through June at an annual rate of 1.7 per cent a sluggish pace but stronger than in the previous quarter. Businesses spent more, and the federal government cut less, offsetting weaker spending by consumers. Though growth remains weak, the pickup last quarter supports forecasts that the economy will accelerate the rest of the year. Economists think businesses will step up investment, job growth will fuel more consumer spending and the drag from government cuts will fade. If so, the Federal Reserve could scale back its stimulus later this year. (www.immigrantscanada.com). As reported in the news.