Joe Biden is broaching the “R” word: recession.

“ ‘I hope it’s not true, but we’re likely to inherit a recession, at least a significant economic slowdown.’ ”

In an interview with CNBC, the former vice president and current front-runner for the Democratic presidential nomination tells the network that the U.S. is in a “different place” than it was in 1995, when as a senator he voted for a balanced-budget amendment. He wouldn’t vote the same way now, he said, and adds that he believes a recession or significant slowdown is likely on the horizon.

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Biden’s interview was recorded before Friday’s blowout payrolls report, which showed the economy adding 266,000 new jobs in November.

Economists, to be sure, have warned of a recession. In October, for example, analysts surveyed by the National Association for Business Economics said the odds of such a slowdown were low in the first half of 2020. Farther out, however, they were more bearish, putting the odds of a recession starting by mid-2021 at 66%.

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Friday’s jobs report, which also showed the unemployment rate falling to match a 50-year low, dispelled such fears, at least for the near future.

“This upbeat November employment report should suffice to silence near term recession Grinches!!!” said economist Brian Bethune of Tufts University in a comment after the report.

Richard Moody of Regions Financial said he didn’t believe the underlying rate of job growth was as strong as the November report implied. But, he added: “The November employment report should at least allay concerns the broader economy is being dragged toward recession by the struggling industrial sector.”

Biden, one of 15 Democrats running for his party’s presidential nomination, leads national polls but is in fourth place in the early-voting states of Iowa and New Hampshire.