WSJ: Most Economists Say Recession Has Arrived as Outlook Darkens

Phil Izzo lat Thursday, March 13, 2008 talks about evidence of a recession.

"The U.S. has finally slid into recession, according to the majority of economists in the latest Wall Street Journal economic-forecasting survey, a view that was reinforced by new data showing a sharp drop in retail sales last month." full text

A recession is traditionally defined as two consecutive quarters of negative GDP growth. I don't think this has happened yet. If I may venture a guess, I doubt that it will. That is at least as far as this year is concerned.The FED is too aggressive. Maybe next year the U.S. will see the recession, as defined.