Has recession hit the U.S.? What does it mean for the Phils?

[gearhead]

Am not much of an economist so am wondering what your opinion on Merrill Lynch and Goldman Sachs confirming that the U.S. is now in recession will mean.

http://adage.com/article?article_id=123055

Some industries like real estate here for example rely on the U.S. market. How it will affect economies tied to the hip with the U.S. Like China?