I think we're probably doing all right if you have to resort to strudel prices.
A recession is two successive periods of zero or negative economic growth (GDP). That's the definition, although a lot of people are trying to redefine "recession" as "any time I'm not happy about money things."
Economists predicted about 2.3 percent growth for the third quarter of 2007. Actual number was 4.9 percent--over twice the predicted number. Economists are now predicting 1 to 1.5 percent for the fourth quarter. We'll see how that comes out.