U.S. stock futures lost ground Friday ahead of a raft of economic data, and after former U.S. Federal Reserve Chairman Alan Greenspan warned the chances of a U.S. recession have increased.

Greenspan said in an interview with the BBC’s Today radio program that the chance of a recession is still less than 50-50, though he’s becoming increasingly pessimistic over the world economy.

In this morning’s economic news, U.S. consumers increased spending up by a bigger-than-expected amount in August, while a key measure of inflation eased to the slowest pace in 3.5 years.

The U.S. Commerce Department said today that consumer spending rose by 0.6% in August, the best showing in four months and better than the 0.4% increase that had been expected. Incomes rose by 0.3% last month, slightly lower than had been expected.

Economic reports are also due on the Chicago purchasing managers’ index, as well as a poll on U.S. consumer sentiment.

Here at home, Canadian economic activity increased 0.2% in July, its average pace since the beginning of 2007. A significant increase in wholesale trade propelled the growth, while a drop in oil and gas extraction dampened it, Statistics Canada said.

The strength of the service industries, up 0.3%, more than offset the 0.1% decrease in the production of goods, the government agency said.

Meanwhile, prices for manufactured products continued their downward movement in August, at a rate of decline similar to the previous three months. Prices of raw materials posted their first large monthly drop since January 2007, StatsCan said.

The Canadian dollar opened at US99.85¢, down 0.01 of a cent after having touched parity with the greenback again Thursday.

In earnings news, consulting firm Accenture said its fourth-quarter profit fell 8.6% to US$316.8 million, or 50¢ a share, but still came in ahead of analyst forecasts for earnings of 48¢ a share.

On Thursday, software maker Cognos said its net income rose to US$26.5 million in its fiscal second quarter, up 12% from the same time last year.

In other business news, Energy giant Encana said would cut its capital investment plans in Alberta by 30% to 40% if the recommendations in the royalty review panel are adopted in full.

Crude-oil prices fell 25¢ at US$82.63 a barrel.

Overseas, European shares slipped, with the UK’s FTSE 100 index the biggest decliner, losing 0.5%.

Asian indexes continued their rally; Hong Kong, Singapore, Shanghai all traded sharply higher.

Toronto stocks closed higher for the fifth straight day on Thursday, as rising commodity prices pushed up energy and metals issues.

The S&P/TSX composite index gained 94.76 points, or 0.7%, at 14,129.73.

Seven of the 10 TSX main groups advanced, including a 1% gain in the energy sector and a 1.2% gain in materials.

The junior S&P/TSX Venture composite index rose 30.42 points, or 1.09%, to 2,832.25.

On Wall Street, U.S. stocks edged up on Thursday as higher oil prices lifted energy companies’ shares

The Dow Jones industrial average gained 34.79 points, or 0.25%, to end at 13,912.94. The S&P 500 was up 5.96 points, or 0.39%, at 1,531.38. The Nasdaq Composite Index was up 10.56 points, or 0.39%, at 2,709.59.