By Definition: A Recession is the decline in a country's gross domestic product (GDP) for 2 or more quarters successively.   Personally, many of us may feel like we are already in a recession but Wall Street looks at the GDP...So if the GDP does not decline then technically there's no "recession". 

What we are experiencing is a slowing of the economy and an insight that a recession is coming. (It just affects us more now because of the housing hit!)  Our industry has been dramatically affected...therefore we "feel" the affects more heavily.