Economists give the technical definition of a recession as two consecutive quarters of negative GDP growth. With the Commerce Department downwardly revising the fourth quarter of 2007 to reflect a .2% drop in GDP, and with the first quarter of 2008, I’m guessing, soon to follow suit (it already dropped to .9% growth from a previous 1%), we are in a recession in all but name.
The second quarter of 2008 clocked in at a revised 1.9% (down from 2.3%) on the strength of the rebate checks. But most economists (including this amateur one) expect a further downturn.
Right now, due to the weak dollar, the only bright spot in our economy is exports.