Some of the main leaders of American financial services are starting to issue warnings about the economy.
By saying that they see signs of “softening” or “weaken”, a series of CEOs were weighed before the decision of the federal reserve next week and with the office of American labor statistics revising the job figures this week.
In an interview with Wednesday CNBC, Goldman Sachs The CEO David Solomon said that while the economy “always clashes”, the signals can point in a different direction.
“There are a number of CEOs who talk about a softening in the economy-there is no doubt,” he said. “We have seen job data that indicate that there has been a softening.”
The BLS, in a preliminary report published on Tuesday, revised its non -agricultural pay data for the previous year 2025, showing a significant drop of 911,000 compared to initial estimates. Revisions were more than 50% higher than those last year and the biggest change in more than 20 years, which increased increasing concerns concerning the economy.
The BLS was also criticized by President Donald Trump, who pulled the head of the office in early August and criticized his data collection methods.
Solomon said he thought there was “even more work to do” with today’s inflation and that prices have an impact on growth, but that it is difficult to quantify at this stage. While the economy is heading around the fall, Salomon said it expects a slight change in the policy rate, including a point of 25 bases reduced by the Fed next week.
Trump also criticized the central bank, calling for lower interest rates and the fed chair of the Fed, Jerome Powell. The Federal Open Market Committee reduced its interest rate for the last time in December 2024 and held it stable since during a target range of 4.25% to 4.5%.
JPMorgan Chase CEO Jamie Dimon told CNBC on Tuesday that he thought that the Fed was “probably” to lower interest rates at his meeting next week, but that she could “not be consecutive to the economy.
Dimon said he also thought that the BLS report confirms that the American economy slows down.
“I think the economy is weakening,” Dimon told Leslie Picker from CNBC in an interview. “Whether on the path of recession or simply to weaken, I don’t know.”
But in the end, Dimon said that the country will simply have to “wait and see” how the economy will progress given the weakening of the consumer.
In the same way, Wells Fargo CEO, Charles SCHARF, told CNBC on Wednesday that his bank saw low -income Americans who were fighting to stay afloat, despite large companies that are doing well.
“There is this large dichotomy between high -income and low -income consumers that continues and is a real problem,” said Scharf.
Commenting on BLS figures, SCHARF said that it was “undeniable” that the gap between American taxpayers exists and that it sees “more inconvenience” for the American economy.
The creation of jobs in August also showed signs of weakness, because the BLS reported last week that the non -enlarged payroll had increased by only 22,000 for the month.
Morgan Stanley CEO Ted Pick told CNBC that he thought that the CEO or American financial director had to be resilient through the recent high and bottom of the country, notably Covid and two Trump administrations.
“We are in a place where I think that part of political uncertainty is actually starting to be quantified,” he said.
However, Pick said he had seen the opposite winds pass and believes that political uncertainty could shrink slightly.
“So, yes, there may be a little slowdown,” said Pick, adding that he will wait to see how everything goes.
Barclays CEO CS Venkatakrishnan said on CNBC on Tuesday that he thought that Fed would reduce the margin, partly due to the sweetness of the labor market.
Merchants also expect to see the lower rates of the Fed. They are currently seeing an almost certainty that the Fed will reduce at least a quarter of a point, according to the CME Fedwatch tool based on the long-term trading of the Fed, and some bet that there will be an even deeper reduction of 50 base points, or half percentage.
Even if inflation problems have not yet presented themselves tangibly, Venkatakrishnan said that the current economy reported that CEOs should have their eyes in the longer term.
“We haven’t seen them yet, but we have to worry about them,” he said.
PNC financial services CEO Bill Demchak also joined the wave, saying Tuesday saying that there are “underlying pressures in our economy” between hiring workers, labor shortages, wage pressure and more.
Demchak said he saw evidence to support the revised BLS report, and he believes that evidence is probably the reason why the Fed will reduce rates in the future, even if consumption spending “stimulates the economy”.
“There are pressures inside our economy that I don’t know how to disappear simply because the prices could be behind us at some point,” said Demchak.