Probably. If memery serves, a recession is defined as two consecutive quarters of negative GDP growth. The numbers are very hard to pin down, and of course, are revised after their initial release.
Even the numbers that are available are often hard for me to believe. Read a while back that inflation is only 2% as long as you don't eat, drive, or pay for the roof over your head.
It's my opinion that 60 yrs. of relative prosperity have caused so many systemic imbalances to build up in our economic system, that we're on the cusp of a major economic trainwreck. At least on a par with the great depression.
Paul Wolfowitz assured us the the Iraq war would only cost $50 billion and be paid for with Iraqi oil. The current official cost is well over $500 billion. It's my belief that the actual cost is probably $5 trillion or more. The true war being waged against America is economic, and we're losing.
No new taxes is a great political slogan with which to be elected, but, wars have to be paid for. The money can be raised through taxes, by borrowing it, or by printing it. All three have negative consequences for the economy.
Oh well, I've ranted enough for tonight.