It doesn't take many minutes of listening to the news to discover that there are quite a few viewpoints about what is happenening with the U.S. economy. Some experts are saying recession, some are saying not yet, some are saying we've yet to see the worst. I've been searching the net for a clear answer but have yet to find much clairty, so I'm going to give you several links that you can explore on your own.
The Cleansing Power of Recessions, Real Clear Politics
Two Views on the Financial Crisis, Washington Post
Recession Unlikely if US Gets through Next Two Months, Times Online