So is it a recession or not? Positive first-quarter growth, smaller than expected job losses in April and a rebound in service sector activity has reopened debate as to whether the US economic downturn is properly described as a recession.

“We think so,” says Ed Yardeni, president of Yardeni Research. But others disagree. “You can’t call it a recession,” says Richard Yamarone, director of research at Argus Research.