The CEO of a luxury furniture retailer has claimed it is ‘crazy’ to think the US economy is not in recession, as household wealth fell by a record $6.1 trillion in the second quarter.
‘I don’t know, people keep saying, are we going to be in a recession? We’re in a recession,’ said Gary Friedman, the chief executive of RH, formerly known as Restoration Hardware, in an investor call on Thursday.
‘Anybody who thinks we’re not in a recession is crazy. The housing market is in a recession, and it’s just getting started. So it’s probably going to be a difficult 12 to 18 months in our industry,’ he said.
The US economy contracted for two straight quarters in the first half of 2022, which is one informal sign of a recession, but President Joe Biden continues to insist that the economy is strong.
‘I don’t know, people keep saying, are we going to be in a recession? We’re in a recession,’ said RH CEO Gary Friedman in an investor call on Thursday
The US economy contracted…