All the experts agree -- the economy is growing much more slowly than it was just a few months ago.

The only question is: How slow will it go?

Our Gross Domestic Product -- the total value of all goods and services produced in the United States -- typically expands at 3% or 4% a year.

But most projections we've seen expect the GDP to grow at an annualized rate of a mere 0.5% to 1% during the first half of this year.

Updated reports say it did indeed grow at a 1.0% annualized rate in the first three months of the year.

That dip will take us perilously close to a recession, which is usually defined as two consecutive quarters where the GDP declines and we produce less than we did the previous year.

Federal Reserve Chairman Ben Bernanke told Congress in April that a recession is possible during the first half of this year.

Moody's Economy.com says the economies of five states that account for about a quarter of the national economy -- California, Nevada, Arizona, Florida and Michigan -- already were contracting in the final quarter of 2007.

The mortgage crisis remains the biggest problem, and it just keeps getting worse.

More than 1.5 million homeowners lost their properties to foreclosure last year, more than twice the historical average, and that figure may exceed 2 million in 2008.

Record oil and gas prices show no sign of retreating, and the stock markets are off 20% from last fall's all-time highs, adding to the burden.

As a result, the economy has lost 300,000 jobs in the first five months of the year and the unemployment rate has reached 5.5%.

The job market could get a lot worse if things get worse. The Labor Department says the nation lost more than 2 million jobs during the last downturn between 2001 and 2003.

Get ready with our 6 smart moves to prepare for a recession.