Still No Recession Here, b"H

US GDP growth in second quarter of 2008 was 1.9%. So far, fourth quarter of 2007 remains the only negative quarter since 2001 (-0.2%). (A recession is defined as two subsequent quarters of negative growth.)

This is quite an amazing performance, given all the shocks to the economy lately. Unemployment was up to 5.7%, though. Add higher taxes to the mix, and it could get much worse.