We cannot really say there is a recession until WE ARE IN one. And it takes usually 6 months into the recession to REALLY know we are in one. So we should revisit this again sometime soon. Anyhoo... the word recession somehow have been this BAD word when it really is not. Since the last world war US has had 6 recessions, a self-correcting economic phenomenon every 10 years. And it is just a recession - not a depression, so as long as one has liquid assets ( lots of disposable income, spending dough, ) - there is nothing to fear but fear itself, as one famous "dude" once said.
And as long as the world is shrinking into this one small global economic village , just when one dude sneezes in Europe, an Asian guy catches the cold - that sort of thing. One way or another, it has a ripple effect - so when one economy is in jeopardy we should all rally together and help each other out coz it will eventually affect us, one way or another, sooner or later.