{"id":1738312,"date":"2022-11-14T14:37:33","date_gmt":"2022-11-14T19:37:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1738312"},"modified":"2022-11-14T14:49:00","modified_gmt":"2022-11-14T19:49:00","slug":"bezos-says-recession-either-likely-or-already-here","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bezos-says-recession-either-likely-or-already-here\/","title":{"rendered":"Bezos Says Recession Either \u201cLikely\u201d or Already Here"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbezos-says-recession-either-likely-or-already-here%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1738312&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Amazon founder <a href=\"https:\/\/www.theepochtimes.com\/t-jeff-bezos\">Jeff Bezos<\/a> <a href=\"https:\/\/edition.cnn.com\/2022\/11\/14\/business\/jeff-bezos-charity\/index.html\">told CNN<\/a> in an interview which aired Sunday that he believes the United States is either already in the grips of a <a href=\"https:\/\/www.theepochtimes.com\/t-recession\">recession<\/a> or is likely going to be in one \u201cvery soon,\u201d advising both consumers and small businesses to de-risk and hold more cash.<\/p>\n<p>\u201cThe probabilities say if we\u2019re not in a recession right now, we\u2019re likely to be in one very soon,\u201d Bezos said in the interview, which came just days after fellow tech mogul Elon Musk <a href=\"https:\/\/www.theverge.com\/2022\/11\/10\/23452196\/elon-musk-twitter-employee-meeting-q-and-a\">warned<\/a> of a \u201cserious recession\u201d that would last one or two years.<\/p>\n<p>Bezos, who despite losing more than $68 billion so far this year amid the tech stock rout, still ranks fourth on the <a href=\"https:\/\/www.bloomberg.com\/billionaires\/\">Bloomberg Billionaires Index<\/a>, said he\u2019s not sure if the country is \u201ctechnically\u201d in a recession.<\/p>\n<p>\u201cWhat I can tell you is the economy does not look great right now, things are slowing down, you\u2019re seeing layoffs in many many sectors of the economy, people are slowing down,\u201d Bezos told CNN.<\/p>\n<h2>\u2018Recession PTSD\u2019<\/h2>\n<p>Job cuts in the tech sector have <a href=\"https:\/\/www.theepochtimes.com\/tech-job-cuts-accelerate-to-near-pandemic-era-levels_4853230.html\">reportedly accelerated<\/a> to levels not seen since the early days of the COVID-19 pandemic as companies brace for a downturn.<\/p>\n<p>Musk, who has taken over Twitter and moved to slash jobs amid falling revenues, told Twitter staff that he has \u201crecession PTSD\u201d [post-traumatic stress disorder] and that the social media platform would be \u201cdisproportionately\u201d affected by a contraction amid a pullback in advertising.<\/p>\n<p>\u201cWe are headed into, I think, quite a serious recession,\u201d Musk said, according to a transcript of his talk <a href=\"https:\/\/www.theverge.com\/2022\/11\/10\/23452196\/elon-musk-twitter-employee-meeting-q-and-a\">reported on<\/a> by The Verge. \u201cAnd you can see that with basically every company doing layoffs. It\u2019s not just Twitter. And in a recession, advertising is disproportionately affected.\u201d<\/p>\n<p>After taking over Twitter, Musk has made a number of changes, including rolling out an $8 verified blue check subscription service to boost revenue. He said the company was losing around $4 million a day.<\/p>\n<p>Amazon, which is rumored to be planning major job cuts, has <a href=\"https:\/\/techcrunch.com\/2022\/11\/03\/amazon-exec-confirms-corporate-hiring-freeze-through-end-of-year\/\">already made<\/a> cutbacks, including canceling or postponing new warehouses and announcing a hiring freeze.<\/p>\n<h2>\u2018Take Some Risk Off the Table\u2019<\/h2>\n<p>In light of the existing or imminent downturn, Bezos advised consumers and businesses to put off big purchases.<\/p>\n<p>\u201cTake some risk off the table,\u201d Bezos said. \u201cIf you were going to make a purchase, maybe slow down that purchase a little bit. Keep some dry powder on hand and wait a bit.\u201d<\/p>\n<p>His remarks dovetail with a <a href=\"https:\/\/www.theepochtimes.com\/jeff-bezos-sours-on-bidens-economy-says-its-time-to-batten-down-the-hatches_4806519.html\">warning last month<\/a> that it was time to \u201cbatten down the hatches,\u201d a remark he made in response to Goldman Sachs CEO David Solomon predicting a recession was likely.<\/p>\n<p>While the United States recorded two consecutive quarters of negative GDP growth this year, meeting the rule-of-thumb definition for a recession, it has yet to be formally designated as such by the business cycle arbiters at the National Bureau of Economic Research (NBER).<\/p>\n<p>In the third quarter of 2022, the U.S. <a href=\"https:\/\/www.theepochtimes.com\/us-economy-grew-2-6-percent-in-third-quarter-estimate-but-future-outlook-cloudy_4824076.html\">economy grew<\/a> 2.6 percent, giving fuel to the view that America may not be in a recession. The Federal Reserve Bank of Atlanta\u2019s GDP Nowcast model, which estimates GDP growth in real time, shows the U.S. economy growing by 4.0 percent in the fourth quarter, <a href=\"https:\/\/www.atlantafed.org\/cqer\/research\/gdpnow\">as of Nov. 9<\/a>.<\/p>\n<p>Meanwhile, the International Monetary Fund (IMF) issued on Nov. 14 a fresh warning about economic headwinds.<\/p>\n<p>\u201cThe G20 Leader\u2019s Summit in Bali takes place amid darkening clouds on the economic horizon,\u201d said Gita Gopinath, IMF deputy managing director, in a <a href=\"https:\/\/twitter.com\/GitaGopinath\/status\/1592013919463550981?s=20&#038;t=3Hu7bTNZ7nLRNQJBXVCKZQ\">statement on Twitter<\/a>.<\/p>\n<p>\u201cSurveys of activity in both global manufacturing and services were in contractionary territory in October,\u201d she added.<\/p>\n<p>In mid-October, the IMF <a href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2022\/10\/11\/policymakers-need-steady-hand-as-storm-clouds-gather-over-global-economy\">predicted that<\/a>\u00a0that one-third of the global economy would likely fall into a recession in 2022 or 2023.<\/p>\n<p>Now that outlook has turned even \u201cgloomier,\u201d the IMF noted in a <a href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2022\/11\/13\/slowing-global-economic-growth-is-increasingly-evident-high-frequency-data-show\">blog post<\/a>\u00a0on Nov. 13, citing a number of recent high-frequency economic indicators that show more countries have fallen to \u201clevels that signal contraction.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-tom-ozimek\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/WEB_TomOzimek-_1.jpg\" alt=\"Tom Ozimek\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Tom Ozimek has a broad background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he&#8217;s ever heard is from Roy Peter Clark: &#8216;Hit your target&#8217; and &#8216;leave the best for last.&#8217;\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amazon founder Jeff Bezos told CNN in an interview which aired Sunday that he believes the United States is either already in the grips of a recession or is likely<\/p>\n","protected":false},"author":1,"featured_media":1696806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1738312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1738312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1738312"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1738312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1696806"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1738312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1738312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1738312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}