Really, it isn't

ANOTHER POST-POST UPDATE: It was +0.6% annualized, not quarterly, but still positive. No 2007-08 recession in sight.
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PRE-POSTSCRIPT: If the rivers of "narrative trumps fact" bullshit of the news media could be summed up, it would look like this non-news article about the non-recession in the Washington Post: "Employers Cut Fewer Jobs Than Expected."

I just saw another yesterday: Hillary Clinton's strong rebound and Barack Obama's accelerating implosion (the real story) were twisted in headlines into something like, Republicans weaken against Democrats in November (the pseudo-story). The media's candidate (Obama) is fading fast, and the real result is, the Democrats have a somewhat better (but still uphill) chance against McCain in November.
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It wasn't a recession, whatever it was that happened this past winter. The economy grew by a little under a percent in the first quarter, at an annualized rate of somewhat more than two percent.* The housing sector did take a big hit, however, and it's not over yet. Housing prices will continue to fall.

But, as Ann Althouse puts it, why can't we reporters just "report" what we feel, dammit - plus move on with that Obama guy :)
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* If I'm interpreting the news story correctly.