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Amazon founder Jeff Bezos on Saturday offered some advice to individuals and small business owners as he noted the economy "does not look great right now."
Bezos told CNN he "didn’t know" whether the U.S. is "technically in a recession," noting some economists "argue over that" and "have certain technical definitions."
"What I can tell you is the economy does not 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 probabilities say if we’re not in a recession right now, we’re likely to be in one very soon."
Billionaire American businessman Jeff Bezos arrives for his meeting with British Prime Minister Boris Johnson at the UK diplomatic residence in New York City, New York, U.S., September 20, 2021. (Michael M. Santiago/Pool via REUTERS / Reuters Photos)
Inflation, as measured by the consumer price index, remains high despite cooling slightly in October, going up 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 hiked interest rates multiple times this year, including four back-to-back 75-basis-point increases.
AMERICANS SEE HIGHER INFLATION AHEAD: NY FED
As the country grapples with the impacts 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 approximately 300 and 862 workers, respectively. Tech companies like Meta Platforms, Twitter and Lyft have also announced they are slashing their headcounts.
META TO LAY OFF OVER 11K EMPLOYEES
While speaking with CNN, Bezos advised individuals and small businesses to "take some risk off the table" amid a potentially looming economic recession.
Amazon Founder and CEO Jeff Bezos speaks to the media on the companys 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 accord (ERIC BARADAT/AFP via Getty Images / Getty 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 bit," the Amazon founder recommended. "Keep some dry powder on hand, and wait a bit. Try to reduce some risk in your business or your life."
For individuals, Bezos recommended holding off on big purchases including large televisions, refrigerators and new cars. close video ‘Nasty recession’ on horizon for US economy in 2023: Sarge Guilfoyle
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Small businesses, he said, could "maybe delay some capital purchases" like acquiring new pieces of equipment. Taking steps to reduce some risk "could make the difference for that small business if we do get into even more serious economic problems," according to Bezos.
"Hope for the best but prepare for the worst," Bezos also said regarding a possible recession in the interview.
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