JPMorgan Chase CEO Jamie Dimon mentioned {that a} Labor Division report launched Tuesday confirmed that the U.S. economic system is slowing down.
The division revised decrease its nonfarm payrolls knowledge for the yr via March 2025 by 911,000 jobs from preliminary estimates. That was on the excessive aspect of Wall Road’s expectations for a downward shift and the most important revision in additional than twenty years.
“I believe the economic system is weakening,” Dimon mentioned. “Whether or not it is on the best way to recession or simply weakening, I do not know.”
JPMorgan Chase CEO Jamie Dimon talking with CNBC’s Leslie Picker in Charlotte, N.C. on July thirty first, 2025.
David A. Grogan | CNBC
The revision, displaying the world’s largest economic system produced far fewer jobs than thought, follows a report indicating employment development had slowed to a close to halt in July, including simply 73,000 jobs. President Donald Trump fired the Bureau of Labor Statistics commissioner final month hours after the discharge of that report.
The August figures additionally confirmed weak spot, as nonfarm payrolls solely elevated by 22,000 that month.
Buyers take note of Dimon’s views on the economic system, given his lengthy tenure guiding the most important U.S. financial institution by property via durations of turbulence. Nonetheless, he has usually warned of dangers that do not instantly materialize.
Dimon mentioned that JPMorgan is aware about a spectrum of knowledge round customers, firms and world commerce. Most customers nonetheless have jobs and are spending cash, relying on their revenue ranges, however their confidence could have simply taken a success.
“There’s a variety of various factors within the economic system proper now,” Dimon mentioned, citing the weakening shopper and still-robust company revenue. “We simply have to attend and see.”
The Federal Reserve will “in all probability” cut back its benchmark rate of interest at its subsequent assembly later this month, although which may not “be consequential to the economic system,” Dimon mentioned.
