The Commerce Department announced Wednesday that the U.S. economy grew by just .6% in the first quarter of ‘08. While that number is dismal in ways of growth, it does not meet the accepted definition of a “recession”, which is classified as a retraction of the economy.

Many analysts were predicting that the gross domestic product (GDP) would weaken a bit more—to a pace of just 0.5 percent—in the first quarter. Earlier this year, some economists thought the economy would actually lurch into reverse during the opening quarter. Now, they say they believe that will likely happen during the current April-to-June period.

“The economy is weak but not collapsing,” said Lynn Reaser, chief economist at Bank of America’s Investment Strategies Group. “A recession can’t be ruled out, although the stars are not lined up at this point to definitively say one way or the other.”

Meanwhile, the Federal Reserve is expected to lower a key interest rate by an additional 1/4 percent Wednesday, lowering it to just 2%.