JPMorgan Chase CEO Jamie Dimon speaks with CNBC’s Leslie Picker on July 31, 2025 in Charlotte, North Carolina.
David A. Grogan | CNBC
JPMorgan Chase CEO Jamie Dimon said a Labor Department report released Tuesday confirmed that the US economy was slowing.
The department reduced non-farm pay data data for the year ending March 2025, with 911,000 jobs from the initial estimate. It was the high side of Wall Street’s expectations for a downward shift and biggest revision over 20 years.
“I think the economy is weakening,” Dimon said. “I don’t know whether it’s heading into a recession or just weakening.”
Dimon said as the largest US bank by assets, JPMorgan knows a wide range of data on consumers, businesses and global trade. Most consumers are still working and spending money according to their income level, but their confidence may have just been a hit.
“There are many different factors in the economy right now,” Dimon said, citing weaker consumers and still robust corporate profits. “We just have to wait and see.”
The Federal Reserve will “probably” cut benchmark rates at upcoming meetings, but that could be “not a consequence for the economy,” Dimon said.
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