JPMorgan CEO Jamie Dimon said a fresh Labor Department report confirms the U.S. economy is losing momentum. The agency cut its estimate of nonfarm payroll growth for the year through March 2025 by 911,000 jobs, the sharpest revision in over 20 years and worse than Wall Street expected ()
Benchmark revisions slash 911K jobs from US payrolls
Dimon noted the downgrade shows the economy generated far fewer jobs than previously believed. He added that JPMorgan, with its broad exposure to consumer, corporate, and trade data, is seeing signs of strain. While most Americans remain employed and spending, confidence may have weakened.
He described the backdrop as mixed, with households softening but corporate profits holding up. As for the Fed, Dimon expects a rate cut soon, though he doubts it will meaningfully change the trajectory of the economy.
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