Is the economy really in recession?

Everyday we see headlines signaling a times are bad and recession are imminent. Prices are starting to fall and people are losing jobs. I wonder, how have this impacted the common folks like you and me?

Shopping malls are still filled with people during the weekend.

My friends are still spending as they used to be.

The casino are still packed with gamblers trying to make a quick buck.

I certainly don't see any of my friends or people i know losing their jobs yet. 

The only indication i see is that the share market has dropped by almost 40%. 

Our prices of our key exports i.e. crude oil and palm oil has fallen by more than 50%.

Order for electronics have been dwinding over the past few weeks. 

But yet, i have yet to feel the impact, at least for now and i do not forsee any impact in the near future.

Hmmm, then why is there a common perception that we are heading for bad times? How has the recent development in the economy impacted you?