I submitted mine in Economics on January 5, and it went to external peer review on 3/25. I haven't heard anything since. Hmph.
I suspect that "external peer review" means something different depending on your field. I speculate that, given how long this is taking, "external peer review" in econ means that it is out to reviewers, which is basically like saying it's floating in limbo for who knows how long. Anybody have some greater wisdom on this?