Global markets got a case of the jitters this week in the wake of President Trump's global tariff policy. Everyone from hedge fund managers to online content creators have been starting to question the stability of America's economic trajectory. We're now seeing increased fear that a recession is just around the corner.Brittany is joined by co-host of NPR's Indicator podcast, Wailin Wong, and co-host of NPR's Planet Money podcast, Jeff Guo. Together, they discuss how this moment connects to the economic anxiety of 2008 and why the definition of a recession is a bit harder to pin down than you might expect.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy
What are unscientific recession indicators?
Hi. All right. So I have a question. What is your favorite unscientific recession indicator? Lipstick. Lipstick.
Yes. So one thing that happens in a recession is, you know, people are spending less, right? But that doesn't mean they're spending less on certain things. And sometimes what happens is you see people looking for little luxuries, right?
Like they can't afford the big expensive thing, but they're going to buy a little thing just to keep their spirits up and to, you know, make the recession feel less bad.
What about you, Waylon? What is your favorite unscientific recession indicator?
I think my favorite unscientific recession indicator is people canceling their bougie fitness memberships or downgrading. Like if you have the unlimited plan at your Pilates studio, you drop down to the eight classes a month plan.
Listen, listen, it's getting to be that time for a lot of us. And also, I mean, it's not just us. Everyone from hedge fund managers to online content creators are thinking a lot about the state of the economy right now and for good reason. Threats of new tariffs shook global markets all week and are prompting companies to adjust to the uncertainty.
Nintendo's brand new Switch 2 console was set to open pre-orders in the US this very week, but that has been delayed because of newly imposed tariffs. But it's not just about luxury game consoles. People's retirement savings are disappearing, and this current moment doesn't feel like...
the vibes session of a few years ago when people felt bad about the economy, but the numbers still looked good, right? If we're being honest, it sort of feels similar, and I was around for this too, to the 2008 moment I'm sure a lot of us remember quite vividly, myself included. So this had me wondering, are we actually barreling headfirst into a recession?
How do we prepare culturally for this potential economic hit? So Jeff and Waylon, lots of big weighty questions, but I just want to start with how do we define a recession and how do we know when we're in a recession?
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