The economy is creaking, but likely isn't in a recession

Investors are jittery. Home sales are plummeting. Squeezed by food and gas prices, Americans are driving less and spending more to put food on the table, constraining their budgets. Yet despite this unsightly economic picture, the U.S. likely isn't in a recession — yet.

On Thursday, the government is expected to report that economic output grew at a rate of just under 1% in the third quarter, according to economists surveyed by FactSet. A positive figure would steer clear of the technical definition of a recession; by contrast, it would indicate that economic growth has slowed considerably from its roaring pace last year as the Federal Reserve tries to douse red-hot inflation.