Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree

Amazon founder Jeff Bezos in an interview with CNN warned that an economic recession might be on the horizon and people should avoid making large purchases in the coming months. He said the US was staring at a recession, and people should postpone buying big-ticket items such as cars and TVs.

Bezos advised people to keep some dry powder on hand, while saying that if the US gets into even more serious problems, even a little bit of risk reduction can make a big difference for small businesses. CNN quoted Jeff Bezos as saying, "The economy does not look good right now. Things are slowing down. You're seeing layoffs in many many sectors of the economy."

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The billionaire’s warning comes amidst household debt soaring to $16.5 trillion in the US, and Americans relying more and more on credits for meeting daily expenses.

As per a report by Forbes, JPMorgan CEO Jamie Dimon recently predicted that the US economy could slip into a recession in 2023. Economists expect the US economy to contract by 0.5 per cent in the fourth quarter of 2023, with the slowdown dragging further into 2024.

Earlier this week, the Bank of America conducted a survey in which 77 per cent of fund managers agreed that a global recession was imminent.

In the same interview, Jeff Bezos also declared that the majority of his $124 billion fortune will be donated in his lifetime. He added that the money will be used to tackle the rising threats from climate change and help those affected by social and political conflicts.

(With inputs from agencies)

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