Economic data looks nothing like that of a recession, according to Credit Suisse.

The firm created a "recession dashboard" in which the firm tracked the state of seven main economic indicators at the start of each recession dating back to 1973. In past recessions, most of the indicators were "recessionary" or "neutral," while the current state of the economy is telling a different story.

"Key signals such as labor and credit trends remain quite healthy," said Credit Suisse's chief U.S. equity strategist, Jonathan Golub, in a note to clients Tuesday.

Last week, the U.S. bond yield curve inverted, a phenomenon that historically presages a recession. That was the only one of the seven major indicators Credit Suisse tracks to signal a downturn. In past recessions, indicators like inflation trends, job creation, credit performance, ISM manufacturing, earnings quality and the housing market were all showing weakness.