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Thu 11 Nov 2002Stock slump and Iraq taking toll on US economy - GreenspanMr Alan Greenspan warned yesterday that the US economy had hit a "soft spot" and that the fall-out from the stock market slump and concern about war with Iraq had diminished business prospects.But in testimony to Congress, the US Federal Reserve chairman said the US economy had proven "remarkably resilient" over the past year, growing at an average rate of 3 per cent since the fourth quarter of 2001, despite all the setbacks since September 11th.