US economic growth picking up

US economic growth is picking up after hitting a soft patch earlier this year, and oil prices are so far not pushing inflation higher, Federal Reserve Chairman Alan Greenspan said.

“The most recent data suggest that on the whole the expansion has regained some traction,” Mr Greenspan said in prepared testimony to the House Budget Committee.

“Despite the rise in oil prices through mid-August, inflation and inflation expectations have eased in recent months,” he said.