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We are in May 2008.
If the numbers for the current quarter of April/May/June 2008 turn out to be negative, and the number for the quarter of July/August/Sept. 2008 also turn out to be negative, then history will show that we were in a recession in May 2008 (i.e., right now).
("Recession" doesn't really have a specific definition, but IMO the most commonly used/accepted one is 2 conseq. quarters of negative GDP growth).
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