JPMorgan Chase CEO Jamie Dimon said that a report from the Labor Department published on Tuesday confirmed that the American economy slows down.
The revised ministry revises its data on non -agricultural payroll for the year until March 2025 by 911,000 jobs from initial estimates. It was on the high side of Wall Street expectations for a quarter of decline and the biggest revision in more than two decades.
“I think the economy is weakening,” said Dimon. “Whether on the path of recession or simply to weaken, I don’t know.”
The CEO of JPMorgan Chase, Jamie Dimon, speaking with Leslie Picker from CNBC to Charlotte, NC on July 31, 2025.
David A. Grogan | CNBC
The revision, showing that the largest economy in the world has produced much fewer jobs than it thought, follows a report indicating that employment growth had slowed closely in July, adding only 73,000 jobs. President Donald Trump dismissed the commissioner of the Bureau of Labor Statistics last hours after the publication of this report.
The August figures have also shown weakness, because the unclean wage bill increased only by 22,000 this month.
Investors pay attention to Dimon’s opinions on the economy, given its long mandate guiding the largest American bank by assets through periods of turbulence. However, he has often warned against the risks that do not materialize immediately.
Dimon said JPMorgan is aware of a range of data on consumers, companies and world trade. Most consumers still have jobs and spend money, depending on their income level, but their confidence may have just taken a hit.
“There are a lot of different factors in the economy at the moment,” said Dimon, citing consumer weakening and the profit of even more robust businesses. “We just have to wait and see.”
The federal reserve will “probably” “probably” “” probably “reduce its next meeting later this month, although this is not” consecutive to the economy, “said Dimon.