JPMorgan CEO Warns: The Economy is No Longer What it Used to Be

The CEO of JPMorgan Chase, Jamie Dimon, stated that Tuesday’s report from the U.S. Department of Labor confirms that the U.S. economy is slowing. The department downwardly revised its nonfarm payrolls data through March 2025, cutting initial estimates by 911,000 jobs. This marks the largest drop in more than two decades and fell at the upper end of Wall Street’s expected downward adjustment.

“I think the economy is weakening,” Dimon said. “Whether that will lead to a recession or just a slowdown—I don’t know.”

The weaker data show that the world’s largest economy created significantly fewer jobs than anticipated. This follows another report according to which employment growth nearly halted in July, with only 73,000 jobs added. President Donald Trump fired the commissioner of the Bureau of Labor Statistics just hours after that report’s publication.

August data also show weakness, with new jobs totaling only 22,000.

Investors pay attention to Dimon’s economic commentary because he leads the largest U.S. bank by assets and has long experience navigating turbulent times. However, Dimon often warns of risks that don’t always materialize immediately.

He noted that JPMorgan has access to a wide range of data on consumers, corporations, and global trade. Most consumers still have jobs and are spending—according to their income levels—but their confidence may have taken a hit.

“There are a lot of different factors in the economy right now,” Dimon said, pointing to weakening consumption and still-strong corporate profits. “We just have to wait and see.”

He added that the Federal Reserve will likely cut its key interest rate at its upcoming meeting later this month, though this may not prove a material benefit to the economy.