‘The probabilities in this economy tell you to batten down the hatches’ – GeekWire

Amazon CEO Jeff Bezos. (GeekWire File Photograph / Kevin Lisota)

Jeff Bezos isn’t far too optimistic about the economy.

In a tweet Tuesday, the Amazon founder shared a video clip of Goldman Sachs CEO David Solomon speaking about a “good chance” of a recession.

Bezos appeared to agree and included his very own commentary.

The risky U.S. financial system bounced again this week but the S&P 500 is down much more than 22% this 12 months.

Bezos presented a identical warning concept back in April. The market has fallen because then.

Lots of tech businesses are tightening their budgets amid the financial uncertainty. Microsoft just laid off staff members and some others are slowing or halting hiring.

Bezos continues to be chairman at Amazon, which is reportedly freezing selecting for company roles in its retail business. The organization is also shutting down many divisions and axing items, although it proceeds to spend on large acquisitions.

Insider described this thirty day period that Amazon executives advised staff to “double down on frugality.”

Amazon’s immediate workforce declined by 99,000 workers from the first to the next quarter, to 1.52 million individuals, the largest sequential drop in its history, immediately after overstaffing its warehouses to manage pandemic-driven desire.

Earnings for the second quarter came in at $121.2 billion, up 7% calendar year-more than-year, exceeding the prime conclusion of Amazon’s steering. It was also the identical 12 months-in excess of-yr expansion level in the first quarter — the slowest price for Amazon in two decades.

Amazon studies 3rd quarter earnings upcoming week. Its inventory is down extra than 30% this year.

By Janet J

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