JPMorgan Chase CEO Jamie Dimon stated {that a} Labor Division report launched Tuesday confirmed that the U.S. financial system is slowing down.
The division revised decrease its nonfarm payrolls information for the 12 months by March 2025 by 911,000 jobs from preliminary estimates. That was on the excessive facet of Wall Road’s expectations for a downward shift and the largest revision in additional than 20 years.
“I feel the financial system is weakening,” Dimon stated. “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 financial system produced far fewer jobs than thought, follows a report indicating employment progress 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 point, as nonfarm payrolls solely elevated by 22,000 that month.
Buyers take note of Dimon’s views on the financial system, given his lengthy tenure guiding the largest U.S. financial institution by belongings by intervals of turbulence. Nonetheless, he has usually warned of dangers that do not instantly materialize.
Dimon stated that JPMorgan is aware about a spectrum of information round shoppers, companies and world commerce. Most shoppers nonetheless have jobs and are spending cash, relying on their earnings ranges, however their confidence could have simply taken successful.
“There’s plenty of various factors within the financial system proper now,” Dimon stated, citing the weakening shopper and still-robust company revenue. “We simply have to attend and see.”
The Federal Reserve will “in all probability” scale back its benchmark rate of interest at its subsequent assembly later this month, although which may not “be consequential to the financial system,” Dimon stated.
