Intuit is seeing strong consumer spending despite ongoing inflation dogging the economy, the company’s CEO Sasan Goodarzi told TNZT’s Jim Cramer on Monday.
Goodarzi noted that the financial software company can see consumer spending, the number of employees companies have hired and the number of hours they have worked.
“If we look at those elements now versus even pre-pandemic, they’re actually quite healthy,” he said in an interview on “Mad Money.”
His comments come as investors are focused on the upcoming Federal Reserve meeting following a hotter-than-expected inflation report in August and a warning from FedEx last week about an impending global recession.
The Fed is expected to raise interest rates another 75 basis points in its latest attack on inflation, shattering summer hopes that the central bank could begin less aggressive action.
The chief executive acknowledged that while consumer spending appears to be strong, it will not necessarily remain so.
“The reality is we need to get this environment under control. We just have to think really hard about how we’re doing it so we don’t go from the high unemployment that we have to the high unemployment, because ultimately that’s the impact consumer spending.” he says.