Is the American economy now officially in a recession?

Some experts say yes, based on statistics that are both compelling and unnerving:

The stock market is now officially in bear territory, having dropped more than 20 percent from its high of more than 14,000 in late 2007. Job losses continued for the sixth straight month in June, bringing the total to 438,000 for the year. And even though unemployment held steady at 5.5 percent, there is more job insecurity. Locally, Haverhill Paperboard Corp. announced it would close at the end of August, ending a run of more than a century and putting 174 full- and part-time employees out of work.

The housing market is, by most reckoning, still sinking, thanks to the subprime mortgage disaster. With record oil prices and gasoline at more than $4 a gallon, car sales have dropped off a cliff, threatening the viability of brand names as iconic as General Motors.

And consumer spending is off, thanks to ever-higher prices for energy and food.

Some experts counter that low interest rates and the federal government's $168 billion economic stimulus package, including tax rebates, will help restore economic growth.

What do you think? Are we in for a long recession? Will the current downturn be short-lived? Will there be a quick recovery or will it be a struggle to get back to where we were less than a year ago?