ARE WE IN RECESSION?

Presents an insight into the economic situation in the U.S. Aspects of Commerce Department's report on second-quarter gross national product; Decline in consumer spending and business investment; Attempts of the Federal Reserve to bring down inflation; Statement that dismal growth may ultimately leave the economy on a slower growth path than would a recession followed by a rebound. INSET: The arbiters of recession, by M.J. Mandel..