Oliver Mangan: Markets call the odds of recession in US      

US consumer spending rose by 1.8% in the first quarter and 1% in the second quarter.

The US economy contracted in both the first and second quarters this year, though the falls were modest, the latest official figures show. No doubt, this will only add to the debate about whether or not the economy is in recession. 

There is no denying that the economy lost momentum in the first half of the year and some parts of the economy are in contraction, most notably housing.