Jeff Bezos advises ‘taking some risk off the table’ and says the economy is currently ‘not looking good’

On Saturday, Amazon founder Jeff Bezos offered some advice to individuals and small business owners as he noted that the economy “is not looking good at the moment.”

Bezos told CNN he “doesn’t know” if the US is “technically in a recession,” noting that some economists “argue about that” and “have certain technical definitions.”

“What I can say is that the economy is not looking very good at the moment,” said the Amazon founder. “Things are slowing down. You’re seeing layoffs in many, many sectors of the economy. People are slowing down. Odds are that if we’re not in a recession right now, we’ll probably be in one very soon.”

American billionaire businessman Jeff Bezos arrives for a meeting with British Prime Minister Boris Johnson at the British diplomatic headquarters in New York City, New York, United States, September 20, 2021. (Michael M. Santiago/Paul via Reuters/Reuters Photo)

According to the Consumer Price Index, inflation remains high despite a slight chill in October, rising 0.4% from September and 7.7% from a year earlier, FOX Business previously reported. In an effort to combat inflation and cool the economy, the Federal Reserve has raised interest rates several times this year, including four consecutive increases of 75 basis points.

Americans see higher inflation ahead: New York Fed

While the country is grappling with the effects 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 cuts of about 300 and 862 workers, respectively. Tech companies such as Meta Platforms, Twitter and Lyft have also announced that they will cut staff numbers.

Hiring more than 11,000 employees

While speaking with CNN, Bezos advised individuals and small businesses to “take some risk off the table” amid a possible looming economic recession.

Jeff Bezos

Jeff Bezos, Amazon founder and CEO, speaks to the media about the company’s sustainability efforts on September 19, 2019 in Washington, DC. Amazon CEO Jeff Bezos announced Thursday the New Climate Pledge, with the goal of reaching the Paris Climate Agreement (Eric Baradat/AFP via Getty Images/Getty Images)

Jeff Bezos

Bezos mowed at a conference. (Associated Press/The Associated Press newsroom)

The Amazon founder recommended: “If you’re going to make a purchase, maybe slow down the buying process a little bit.” “Keep some dry powder on hand, and wait a bit. Try to reduce some of the risks in your work or life.”

For individuals, Bezos recommended putting off big purchases including big TVs, refrigerators and new cars.

He said smaller companies “may delay some capital purchases” such as buying new pieces of equipment. According to Bezos, taking steps to reduce some of the risks “could make a difference for this small business if we face more serious economic problems.”

“Hope for the best but prepare for the worst,” Bezos also said regarding a possible recession in the interview.

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