Well, finally someone admits something we all know, we're in a recession:

We're in a recession,'' Allen Sinai, chief economist at Decision Economics Inc. in New York, said in a Bloomberg Television interview. ``It's going to widen, it's going to deepen.

GDP - 1.9% vs. 2.3% expected.

Trade deficit narrowed, lowest in 7 years.

American Economic Alert goes into depth on the unemployment rate statistics:

six months, the economy lost 438,000 jobs. Manufacturing and construction shed 235,000 and 261,000 jobs, respectively, and in recent months, layoffs spread to finance and retail sales. If the economy is to pick up in the second half, the Friday jobs report will have to confound forecasters, who are generally pessimistic

(actual report comes out tomorrow).