Chief economist at Moody’s Analysts, Mark Zandi, is of the opinion that the job market has to slow down its growth or risk accelerating inflation. NordLB analyst Frank Schwope also added that Musk’s moves are nothing short of a forewarning and a precautionary step for what is about to unfold. However, there’s also another side to the debate that has a far less gloomy outlook about the U. S. economy than Elon Musk. Speaking to the Los Angeles Times, Leo Feler, an economist at UCLA Anderson Forecast, highlighted the strong activity in the tech sector’s hiring trends and manufacturing.
Megan Green, the Kroll Institute’s global chief economist, dismissed the concerns about the American economy and an impending global recession as premature in her interaction with Fortune and Bloomberg. Even President Joe Biden appears to have a different opinion about the economy than Musk. When a reporter mentioned Musk and Dimon’s worrying predictions about the economy at a press conference, Biden cited the jump in hiring at Tesla rivals like Ford and Stellantis as positive signs.