{"id":13872,"date":"2025-09-11T07:53:15","date_gmt":"2025-09-11T07:53:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/13872\/"},"modified":"2025-09-11T07:53:15","modified_gmt":"2025-09-11T07:53:15","slug":"jamie-dimon-says-economy-is-weakening-but-even-he-cant-make-sense-of-all-the-different-data-maybe-one-day-ai-will-fix-that-problem","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/13872\/","title":{"rendered":"Jamie Dimon says economy is ‘weakening’ but even he can’t make sense of all the different data: ‘Maybe, one day, AI will fix that problem’"},"content":{"rendered":"

JPMorgan Chase<\/a> CEO Jamie Dimon issued a sobering assessment of the American economy in an interview with CNBC on Tuesday, acknowledging clear signs that it\u2019s growing weaker\u00a0and expressing uncertainty over its future trajectory. Still, he stopped short of making a recession call, saying that there is such a range of data that it\u2019s hard to parse. \u201cWe get data like you wouldn\u2019t believe. The government data is important. Our own data is important.\u201d<\/p>\n

Dimon was speaking with CNBC\u2019s Leslie Picker on \u201cFast Money Halftime Report,\u201d ostensibly about the opening of his bank\u2019s shimmering new headquarters in Manhattan<\/a>, before the conversation turned to what one of Wall Street\u2019s most influential voices makes of the economy. He said JPMorgan gets data from \u201cnon-government sources,\u201d and he cited \u201cdelinquency data, worldwide data, trade data. We get all of that.\u201d Still, he added, it\u2019s difficult to figure out what the economy will do next, based on backward-looking data like this, even from such a comprehensive set. He tossed in an aside: \u201cAnd maybe, one day, AI will fix that problem. But, hopefully, things will be OK.\u201d<\/p>\n

Still, Dimon concluded that it\u2019s undeniable when you look at the range of data that \u201cyou do see that kind of weakening, unfortunately.\u201d<\/p>\n

Labor data sparks doubt<\/p>\n

Dimon\u2019s comments were sparked by the Labor Department\u2019s unexpectedly large revision of U.S. nonfarm payroll numbers, which slashed nearly 1 million jobs<\/a>\u2014the biggest such adjustment in over 20 years. The revised figures have heightened concerns about the real health of the labor market and whether the slowdown might soon tip the economy into a recession.<\/p>\n

\u201cWhether that is on the way to recession or just weakening, I don\u2019t know,\u201d Dimon said in his CNBC interview. \u201cThat just confirms what we already thought, kind of.\u201d <\/p>\n

Despite the job market\u2019s shakiness, Dimon observed that many consumers remain employed and are still spending, reminding listeners that spending patterns vary widely by income level. Americans are \u201cstill spending money,\u201d he said, but \u201cit\u2019s a little bit different depending on what income set they\u2019re coming from. They still have jobs.\u201d <\/p>\n

The jobs revision is a \u201cbig number,\u201d he added, and consumers \u201ctend to react to that.\u201d This means \u201cthe consumer\u2019s weakened \u2014\u00a0weakened.\u201d At the same time, he added, corporate profits are still high. \u201cThere\u2019s a lot of different factors in the economy right now. It\u2019s hard to figure out what it all means.\u201d<\/p>\n

Looking ahead to the Federal Reserve\u2019s much-anticipated September meeting, Dimon suggested that rate cuts were likely, but doubted they would meaningfully change the economic trajectory. \u201cWe don\u2019t know what the Fed\u2019s going to do. They will probably reduce rates, but I don\u2019t think that\u2019s going to be consequential to the economy,\u201d he said. With this, Dimon reinforced his reputation for pragmatic skepticism in an era where central bank policy has become ever more scrutinized. He concluded with a hedge: \u201cWe will see.\u201d<\/p>\n

JPMorgan always striving to improve<\/p>\n

Despite the confusion and uncertainty, Dimon reaffirmed JPMorgan\u2019s focus on supporting clients and the broader U.S. economy, regardless of short-term fluctuations. He celebrated the new headquarters and teased upcoming initiatives designed to bolster national defense and resilience, presenting them as evidence of his bank\u2019s enduring commitment.<\/p>\n

He was also asked about The New York Times\u2018 investigation<\/a> into JPMorgan\u2019s former client, the notorious Jeffrey Epstein<\/a>. He reiterated that \u201cwe totally regret ever having done business with that man,\u201d while adding that JPMorgan always strives to improve. \u201cSo, when you talk about cyber or safeguards or anti-money laundering or bad guys in the system, we\u2019re always trying to improve that.\u201d This will never be perfect, he added, because bad actors are quite smart about how they approach the system. Dimon said JPMorgan is \u201camong the best in the world. Doesn\u2019t mean we don\u2019t make mistakes.\u201d<\/p>\n

For this story,\u00a0Fortune\u00a0used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.\u00a0<\/p>\n

Fortune Global Forum returns Oct. 26\u201327, 2025 in Riyadh. CEOs and global leaders will gather for a dynamic, invitation-only event shaping the future of business. Apply for an invitation.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"JPMorgan Chase CEO Jamie Dimon issued a sobering assessment of the American economy in an interview with CNBC…\n","protected":false},"author":2,"featured_media":13873,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[218,72,9921,113,9479,61,60,9207,13391,1099],"class_list":{"0":"post-13872","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-artificial-intelligence","9":"tag-business","10":"tag-consumer-spending","11":"tag-economy","12":"tag-fortune-intelligence","13":"tag-ie","14":"tag-ireland","15":"tag-jamie-dimon","16":"tag-jpmorgan-chase","17":"tag-recession"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/13872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=13872"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/13872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/13873"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=13872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=13872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=13872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}