Yes squeaks, a recession is a slow down in economic activity, but this time with the credit crunch it is quite specific, the stock market hasn't been affected too much, nor unemployment, nor even factory gate output, but property prices and everything that affects along with the construction industry and everything that effects has.
So estate agents, biulders, plant hire, etc are all going bust. Large projects such as shopping centre extensions or town centre renewals can't go ahead because they can't be financed.
This has never happened before in this way, and the speed with which it has taken affect (globally) is frightening.