In advance of its press conference, GM sent a juggler out to entertain the crowd. It was an apt metaphor for the incredibly shrinking automaker that is juggling a dizzying array of eight different brands, from Chevy to Hummer to Cadillac. GM Chairman Rick Wagoner acknowledged as much when he took the stage and said: “The auto industry has a lot of balls in the air,” especially as it tries to adapt to the new reality of $100-a-barrel oil.

You can add to that the looming threat of recession, which a number of economists now view as likely. Does that worry Wagoner, as he struggles to end three years of losses at GM? Sure, but tough economic times are not foreign to Detroit and Michigan, which has the nation’s highest unemployment rate. “It feels like the auto industry has been in a recession for a while,” says Wagoner, who tried to remain optimistic. “If I had to bet on whether we’d go into the classic definition of a recession [six months of negative economic growth], I’d say no. But I wouldn’t bet a lot.”

Wagoner is also hedging his bets. He said he’ll announce a new round of buyouts for his workers this month, adding to the thousands who have already headed for the exits at GM. Despite all the downsizing, Wagoner still refuses to say when he’ll steer GM back into the black. That’s one ball he’ll keep hidden for now.