Economy grows by only 0.6 percent in first quarter

Typical editorial headline by the AP. Contary to several media talking heads this does NOT constitute a recession.

WASHINGTON (AP) -- The bruised economy limped through the first quarter of this year at only 0.6 percent as housing and credit problems forced people and businesses alike to hunker down.

The country's economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. This means that although economy is stuck in a rut, it is still managing to keep growing -- however modestly.