US growth outweighs housing slump

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The US economy is growing at a "moderate" pace despite the housing slump, according to the Federal Reserve's Beige Book.

It says that growth in manufacturing and commercial property outweighed the slowdown in housing in June and July.

The Beige Book is a summary of anecdotal evidence from district Federal Reserves.

It reported that consumer prices had been growing at a moderate rate as oil and gasoline prices rose.

Federal Reserve Chairman Ben Bernanke told Congress last week that inflation was his chief concern.

The report said that businesses were having mixed success in passing on their higher costs to consumers.