Intuit sees strong consumer spending despite persistent inflation dogging the economy, company CEO Sasan Goodarzi told CNBC’s Jim Cramer on Monday.
Goodarzi noted that the financial software firm is able to see consumer spending, the number of employees that businesses have hired and the number of hours they’ve worked.
“When 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 Federal Reserve’s upcoming meeting after a hotter-than-expected August inflation report and a warning from FedEx last week about an impending global recession.
The Fed is expected to raise rates by another 75 basis points in its latest attack on inflation, shattering hopes from the summer that the central bank could start to take less aggressive action.
The chief executive acknowledged that while consumer spending appears to be strong, it won’t necessarily stay that way.
“The reality is we do need to get this environment under control. We just have to be very thoughtful in how we do it so that we don’t go from the strong unemployment that we have to high unemployment, because that ultimately is what impacts consumer spending,” he said.