It's time to start talking about a US recession

We're talking about "recession."

On the whole, the torrent of US economic data has been pretty good since 2009, which is when the last recession ended. From the labor market to the stock market, the trend has been growth.

Lately, however, Wall Street pros from Citi's Willem Buiter to Societe Generale's Albert Edwards have increasingly folded "recession" into their discussions.

Indeed, there are troubling signs that the upward trends may be coming to an end and the start of recession is nearing. Remember: recessions don't begin when times are bad; they begin while times are still good.

Bloomberg's new survey of economists' recession expectations picked up for the first time in 14 months on Friday. Economists were asked the likelihood of a recession in the next 12 months, and the median came in at 15%, the highest since October 2013.

"We tend to have recessions every seven years, more or less in the United States, since World War II,"David Rubenstein, CEO of The Carlyle Group, told Bloomberg TV. "So at some point in the next year or two or three, you can expect a recession."

We compiled some of the warnings signs that have people fearing a recession is near. For what it's worth, we threw in a few reasons why the worrywarts have the story wrong.