This is a bit like the reaction to Y2K, people said afterwards it was all overblown because nothing happened. Well nothing happened because the work was done in the background to deal with the issues before it became a disaster.
Same situation here, the Non-Farm number was a surprise and spooked a lot of people and the markets have gone into a spin, but people are working on making this just a correction and not anything more.
Recession has a technical definition and US economy doesn’t go into recession very often but it can happen. Other countries are not so fortunate and can have short recessions more frequently.
