Jamie Dimon, CEO of JPMorgan Chase, the largest U.S. bank by assets, has issued a warning that the American economy is weakening significantly following a disappointing jobs report from the Labor Department.
On September 9, the Labor Department revised its nonfarm payrolls data, cutting 911,000 jobs from the period between March 2024 and March 2025. This marks the largest downward revision in over two decades and exceeded Wall Street’s expectations.
The weakness has been building for months. In July, the U.S. economy added only 73,000 jobs, signaling near stagnation. August data confirmed the trend, with just 22,000 new jobs, amplifying fears of a broader slowdown in the labor market.
Dimon noted: “The economy is weakening. Whether it’s headed for a recession or just slowing down, I don’t know.”
As head of a global banking giant with access to broad consumer, corporate, and trade data, Dimon highlighted a mixed picture: most Americans still have jobs and continue to spend, but consumer confidence has taken a noticeable hit. At the same time, corporate profits remain relatively strong, reflecting a divided economic outlook.
Investors are now watching closely for the Federal Reserve’s next move. Dimon predicted the Fed will likely cut its benchmark interest rate later this month but cautioned the impact may be limited: “That might not be consequential to the economy.”
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