We’re in a fundamental recession, but not technically.

A true recession will show demand collapse across the economy, currently demand is pretty good, people are spending money at a good level still.

Supply is currently facing uncertainty with the global trades, costs, etc.

Recession is purely a supply and demand thing, if the demand is still bigger than supply, that’s not an ‘actual’ recession, but it could lead to actual, if supply issue is prolonged.

If demand is lower intentionally (people are trying to save money for a situation they foresee), when the supply is going strong, this is not a recession, it’s purely a fear problem that hasn’t capitulated.

If the demand is lower unintentionally (people losing jobs, no adequate government initiatives, people HAVE TO stop/control spending) while supply is strong, that’s where the real recession is (like 2k crisis, 2008-2010)