Pushkin.

They say a recession is when your neighbor gets laid off,

a depression is when you get laid off.

But what if none of us get laid off?

That's the question that an increasing number of folks on Wall Street have been asking recently

after, I don't know, 12, 18 months of everyone saying,

recessions three months away, what if it's not three months away?

This is on Hedge, the new Markets and Finance Show from the Financial Times and Pushkin.

I'm reporter Ethan Wu here in New York, joined on Tuesdays by FT Markets and Finance show from The Financial Times and Pushkin. I'm reporter Ethan

Wu here in New York, joined on Tuesdays by FT Markets editor Katie Martin. Katie, what are we doing

here? I don't know. It's slightly terrifying and it's very exciting, but I think what we're

doing here is talking about whatever we jolly well want to in markets and finance, whatever is the hot issue of the day, whatever is the big question of the day.

We're going to try and unpack it for ourselves, frankly, and also for our listeners.

Yes, kind of a live diary of what we're thinking about.

Yes.

And today it's the U.S. economy, Katie.

I want to segment this discussion about the economy into kind of three sections, strong, mixed and weak, different types of economic data pointing different directions. Yeah. Because there's a lot of stuff in each bucket. We recently wrote over at the unhedge newsletter, chopping up 11 different economic indicators into these three categories.

And it was hard.

I mean, there's a lot of edge cases.

There's a lot of ones you can go either way.

But we've picked three, I think, particularly clear data points to try to lay out kind of where we are.

So let's start with strong, Katie.

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