Is the United States in a recession? No one has named it yet, although the latest GDP figures released last week showed two consecutive negative quarters. According to a report by the Bureau of Economic Analysis last week, the US economy contracted for the second consecutive quarter from April to June. That met a generally accepted rule of thumb. widely used to define a recession, although it won’t be known for months if we are officially in a recession. That’s because the official arbiter in such matters is the National Office of Economic Research, which does not use that definition of recession. Instead, it defines a significant decline in economic activity that occurs across the economy and lasts more than a few months. Some recently published data suggests that things may be a little more positive than expected. Standard Chartered in a report late July wrote that retail sales in the US were higher than expected, published in mid-July, suggesting a strong job market continues to support household consumption. . However, although the market has recovered, the bank’s strategists say they are only ready for a “technical recovery” as investor positioning has become extremely bearish. “Positioning and sentiment remain bearish, which, as a contrarian signal, could help prolong the rally in risk assets in the near term. Bigger question: Is this rally sustainable? are not?” the bank’s analysts wrote. However, the story may not be complete – there are a range of indicators used to measure the health of the economy. Steve Brice, chief investment strategist at Standard Chartered, is tracking 14 of those, four of which he says are “flashing red”. Here are the 14 recession indicators that Standard Chartered’s Brice is tracking: 1. Yield Curve Inversion: The 10-year vs. 2-year US government bond yield curve [flashing red] 2. Yield Curve Inversion: US 30 year vs 3 month yield curve 3. US bear market, defined as a drop of more than 20% from recent highs 4. Council America’s top conference: It tracks 10 components, including manufacturing, unemployment claims, and credit scores. 5. Fed fund rate: The rate of interest of the neutral fund / target neutral fund. The latter signal a level that is seen as neither supporting nor constraining growth. 6. Labor Data: Unemployment Claims 7. Labor Data: 1-Year Unemployment Rate Change 8. Labor Data: US Temporary Services Payrolls 9. Spending Use: University of Michigan Consumer Confidence Index [flashing red] 10. Consumer Spending: Consumer Confidence Conference Council [flashing red] 11. Consumer spending: Actual personal consumption spending 12. Business sentiment: ISM manufacturing index 13. Business sentiment: ISM new orders/inventory ratio [flashing red] 14. Corporate Credit Spread Accurate data as of July 28. – CNBC’s Jeff Cox contributed to this report.