Amazon Founder Jeff Bezos Advises What Consumers and Businesses Should Do as Recession Looms – Economics Bitcoin News
, 2022-11-20 20:33:33,
Amazon founder and former chief executive Jeff Bezos has given some advice to consumers and small businesses about what they should do given that the U.S. economy is either already in a recession or is headed into one “very soon.” The billionaire said: “The economy does not look great right now. Things are slowing down. You’re seeing layoffs in many, many sectors of the economy.”
Jeff Bezos on U.S. Economy and How People Should Prepare for a Recession
Jeff Bezos, founder and former CEO of retail giant Amazon, shared his view about the U.S. economy heading into a recession and what consumers and small businesses should do in an interview with CNN last week.
Responding to a question about whether the U.S. is in a recession and what his advice would be for small businesses, the billionaire, who currently serves as Amazon’s executive chair, cautioned:
The economy does not look great right now. Things are slowing down. You’re seeing layoffs in many, many sectors of the economy.
While admitting that he does not know “whether we are technically in a recession,” citing that economists have argued over that topic, he emphasized: “The probabilities say if we are not in a recession right now, we are likely to be in one very soon.”
“My advice to people,” including small business owners, is “take some risks off the table,” Bezos said, adding:
If you were going to make a purchase, maybe slow down that purchase a little bit. Keep some dry powder on…
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