Jeff Bezos says economy does not look great

Amazon founder Jeff Bezos offered some advice to individuals and small business owners, as he noted that the economy does not look great right now. Some economists argue over that and have certain technical definitions, but Bezos told CNN he didn't know whether the U.S. is technically in a recession. The economy does not look great right now, the founder of Amazon, said. There are layoffs in many sectors of the economy. If we're not in a recession right now, we're likely to be in one very soon, according to the probabilities. 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 hiked interest rates several times this year, including four back-to-back 75 basis-point increases.

Some companies in various sectors have laid off employees as the country struggles with the effects of high inflation and rising interest rates.

Real estate companies Zillow and Redfin have recently announced cuts of approximately 300 and 862 workers. Tech companies like Lyft, Twitter and Meta Platforms have announced they are slashing their headcounts.

While talking to CNN, Bezos told individuals and small businesses to take some risk off the table amid a potentially looming economic recession.

If you wanted to make a purchase, slow down that purchase a bit, according to the Amazon founder. Keep some dry powder on hand and wait a bit. Bezos recommends holding off on big purchases, such as large televisions, refrigerators and new cars.

He said that small businesses could delay some capital purchases like acquiring new pieces of equipment. Bezos believes that if we get into more serious economic problems, taking steps to reduce some risk could make a difference for that small business.

Bezos also said about a possible recession in the interview, hoping for the best, but prepare for the worst.