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September 08, 2004

Greenspan Still Rosy on Economy

Federal Reserve Chairman Alan Greenspan said the economy has "regained some traction" after hitting a soft patch in June, but warned that the outlook for oil prices remains "uncertain."

In a speech before the House Budget Committee, Greenspan repeated his view that high energy prices depressed consumer spending and hiring in late spring. But he noted that spending bounced back in July and said employment has recently picked up. "The most recent data suggest that, on the whole, the expansion has regained some traction," he said in prepared remarks.

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Posted by Tom Troceen