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CEO of luxury furniture retailer RH insists the US is in recession


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

‘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 for two straight quarters in the first half of 2022, which is one informal sign of a recession

The US economy contracted…



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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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