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If we were to go by the traditional definition of a recession, the US is still not in recession! The technical definition of recession requires an economy to contract in two consecutive quarters.

With GDP growth under 7 per cent and manufacturing growth under two per cent in 2008, the recession has already began in Russia, a top economic official said today.

Are we in a recession? Does it really matter since the economy is hurting anyway? The fed has tools to help but oil makes the situation more difficult.

The U.S. economy may be headed for its deepest and longest recession since World War II as mounting job losses take their toll on consumer confidence and spending.

There are three shapes that the recession could take V, U or L depending on how the economy recovers.

The upside to a bad economy

I have a feeling that our government leaders are on the verge of a new revelation. That revelation is that they need to let the recession run its course before we can return to a growing economy.

New Zealand's economy contracted by its biggest amount in eight years as the recession deepened in the third quarter, backing the case for more central bank rate cuts to cushion the impact of the global slowdown.

Despite the most obvious signs of recession - such as massive job losses, overall contraction of our economy, multinational corporations going under, and tightening of credit markets- the true recessionary impact on individuals is in the everyday details, as minor as they may be. For example: