We aren't currently in a recession. GDP Now has Q4 still growing at 2.7%, and the consensus estimates for Q4 are over 1%.

We also really weren't in one earlier this year, by NBER standards. Two quarters of negative GDP is a popular colloquial metric, but not the definition used by experts who study business cycles, for whom a recession is defined as a significant decline in economic activity that is widespread, and lasts more than a few months.

That said, without quibbling over definitions, it is clear that growth in the first half of 2022 had at least slowed to a crawl. In Q2, the weakest quarter, most every metric NBER deems important was within about +/- 1%. That may not meet NBER's definition of a significant decline in activity, but it was a significant slowdown from the overheating economy of Q4 of 2021.

And while the economy may not be in a recession yet now, the declining stock market, falling new home sales, falling corporate profits, and the inverted yield curve are all leading indicators suggesting a potential recession in 2023.