Jeff Bezos, the founder of Amazon, has joined the chorus of people who say the US economy is in for hard times.

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By Shivesh

The billionaire wrote on social media that the economy was telling him to "batten down the hatches."

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By Shivesh

Growth in the US has already slowed for two quarters in a row, which is a sign of a recession in many countries but not in the US.

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By Shivesh

When the US central bank raises interest rates to stop prices from going up, many economists expect the economy to slow down even more.

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By Shivesh

In the US, it is up to a group of economists to say when a recession starts and when it ends.

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By Shivesh

In addition to the gross domestic product, they use a number of other signs to make the decision.

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By Shivesh

Mr. Biden has tried to argue that the slowdown in economic activity is a good thing because it is a change from the growth spurt that happened after the pandemic lockdowns.

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By Shivesh

There are still a lot of jobs being made, the unemployment rate is low, and most people's finances are in good shape.

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By Shivesh

But inflation has stayed much higher than the goal of 2%. Last month, it hit 8.2%.

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By Shivesh

Authorities no longer think they will be able to solve the problem without causing a slowdown that could be very bad.

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By Shivesh