Forbes Media President Steve Forbes discusses rising food prices and the Fed’s damage on ‘Fox Business Tonight’.
Amazon founder Jeff Bezos on Saturday offered some advice to people and small business owners as he noted that the economy “doesn’t look great right now.”
Bezos told CNN he “did not know” if the US is “technically in a recession,” noting some economists “argue about it” and “there are certain technical definitions.”
“What I can tell you is the economy doesn’t look great right now,” the Amazon founder said. “Things are slowing down. You’re seeing layoffs in many, many sectors of the economy. People are slowing down. The odds are that if we’re not in a recession now, we’re likely to be in one very soon.”
American billionaire businessman Jeff Bezos arrives for his meeting with British Prime Minister Boris Johnson at the UK diplomatic residence in New York City, New York, United States, September 20, 2021. (Michael M. Santiago/Pisin via REUTERS/Reuters photo)
Inflation, as measured by the consumer price index, remained high despite a slight cooling in October, rising 0.4% from September and 7.7% from the previous year, FOX Business previously reported. In an effort to fight inflation and cool the economy, the Federal Reserve has raised interest rates several times this year, including four consecutive 75 basis point hikes.
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As the country grapples with the impact of high inflation and rising interest rates, some companies in various sectors have laid off employees.
For example, real estate companies Zillow and Redfin recently announced layoffs of approximately 300 and 862 workers, respectively. Tech companies such as Meta Platforms, Twitter and Lyft have also announced they are downsizing.
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Speaking to CNN, Bezos advised individuals and small businesses to “take some risk off the table” amid a looming economic recession.
Amazon founder and CEO Jeff Bezos speaks to the media about the company’s sustainability efforts on September 19, 2019 in Washington, DC. – CEO Amazon, Jeff Bezos, announced Thursday the new Climate Promise, with the goal of reaching the Paris climate agreement. (ERIC BARADAT/AFP via Getty Images/Geti Images)
Jezz Bezos at a conference. (Associated Press/AP Newsroom)
“If you were going to make a purchase, maybe slow down that purchase a little,” the founder of Amazon recommended. “Keep some dry powder in hand, and wait a bit. Try to reduce some risk in your business or your life.”
For people, Bezos recommends holding off on big purchases like big TVs, refrigerators and new cars.
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Small businesses, he said, could “maybe delay some capital purchases” such as acquiring new pieces of equipment. Taking steps to reduce some risk “can make the difference for this small business if we get into more serious economic trouble,” according to Bezos.
“Hope for the best but prepare for the worst,” Bezos also said about a possible recession in the interview.
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