JPMorgan CEO Jamie Dimon warns US economy is – Business News
JPMorgan CEO Jamie Dimon claimed on Tuesday the US economy “is weakening” after the Labor Department slashed almost 1 million jobs from its initial employment estimates for the yr ending March 2025.
The head of the nation’s largest bank advised CNBC that the “big revision” by the Bureau of Labor Statistics to decrease its non-farm payrolls information by 911,000 pointed to stuttering US growth.
“I think the economy is weakening,” Dimon mentioned at an occasion to mark the opening of the banking giant’s new $3 billion Manhattan HQ. “Whether it’s on the way to recession or just weakening, I don’t know.”
REUTERS
“There’s a lot of different factors in the economy right now,” he added, pointing to weakening shopper spending whereas citing robust company income.
The long-serving CEO additionally forecast that the Federal Reserve will “probably” scale back its key rate of interest when central bankers meet later this month.
Sal Guatieri, senior economist at BMO Capital Markets mentioned the revision painted “a much weaker portrait of the job market than initially thought. While the revision doesn’t say much about what has happened since March, it suggests the labor market had less momentum heading into the trade war. And, recent data suggest the market has downshifted further.”
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Figures launched earlier this summer season indicated employment growth had slowed to a close to halt in July, including simply 73,000 jobs.
That report prompted President Donald Trump to fire the Bureau of Labor Statistics chief Erika McEntarfer, alleging that her numbers had been “manipulated for political purposes.”
On Friday, the bureau mentioned the economy generated simply 22,000 jobs in August, raising fears that unpredictable taxes on imports have created a lot uncertainty that companies are reluctant to rent.
Nevertheless, official US authorities figures launched on the finish of final month by the Bureau of Economic Analysis estimate that the economy grew by 3.3% within the second quarter of 2025, marking a robust rebound from the 0.5% lower within the first three months of this yr.
