He discussed recent economic data and monetary policy on CNBC.
"When you see the producer prices coming in as big negative numbers and you see these negatives on retail sales, you don't want to overreact to short-run news, but it feels like that's moving in the right direction," he said on CNBC'sData on advanced retail sales released Friday morning showed consumer spending slowed in March amid concerns related to the bank crisis and potential for a recession. The data showed a 1% decline in March, which is larger fall than the 0.
On Thursday, the March producer price index, a measure of prices paid by companies, declined 0.5% from the prior month, despite as economists expecting prices to stay the same. Excluding food and energy, the index shed 0.1% from the prior month, while economists estimated a 0.2% month-to-month increase.released Wednesday. The CPI showed consumer prices were up 5% from the same month a year ago, the smallest year-over-year increase seen in nearly two years.
"There's no way you can look at current conditions around the world and in the U.S. and not think that some mild recession is definitely on the table as a possibility," Goolsbee said.
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