Greenspan says US economy regaining some traction

In testimony to the U.S. House of Representatives on Wednesday 8 September, Federal Reserve Chairman Alan Greenspan said the economy has "regained some traction" following a late spring slowdown that was instigated by a sharp rise in oil prices.

"Economic activity hit a soft patch in late spring after having grown briskly in the second half of 2003 and the first part of 2004," Greenspan told the committee.

"The most recent data suggest that, on the whole, the expansion has regained some tractio