So where are the signs of the recession? - House prices falling; stock market falling; unemployment rising; industrial output declining... Some sectors of the economy are still heading for a downturn and haven't got there yet(construction industry for example), and I think things will get a lot worse before they get better. With uncertainty in the Middle East people ain't gonna be investing in high-outlay long term capital projects = No money sloshing around the economy. Furthermore, where do we go from here? The stock market, the generel index of wealth, is historically still relatively high, and with flat or decreasing sales and profits in many of our major companies, it ain't gonna be rocketing skywards in the near future.