HUNT VALLEY, Md. (TNND) — Jamie Dimon, chief executive of JPMorgan Chase, explained Saturday that inflation is a weak spot in an otherwise strong American economy.
He said during a Fox News interview that the prices of goods and services are rising even though consumers and businesses are healthy.
“In the short run, it looks like the American consumer is doing fine, is chugging along, companies are making profits, stock markets are high, and that could easily continue,” Dimon said.
“There are a little, small negatives, like, jobs are weakening, but just a little bit. Inflation is there and maybe not going down.”
The Trump administration has estimated that inflation rose slightly from February to September, the most recent month for which data is available. From September 2024 to this past January, prices increased .3%, according to the Department of Labor (DOL). The inflation rate from September 2024 to September 2025 was 3%, a point higher than the Federal Reserve’s target rate.
DOL also said that there was little change in job gains from April to September, and the Department of Commerce has noted that consumer spending slowed from August to September. Companies and stock indices have performed well, though, despite challenging conditions earlier this year.
“The consumer, I’d say, is fine. If you look at credit loss and stuff, they’ve kind of normalized, they’ve gotten back to where they should be, kind of,” Dimon remarked. “Delinquency rates are normal, they’re spending money. But what’s gonna drive future stuff is jobs.”
Commerce Secretary Howard Lutnick has expressed optimism over the economy’s outlook. He predicted last week that the country’s gross domestic product would grow greatly next year.
“I think, because of the jobs of building in America, you know … as President Trump talks about, the huge construction projects coming to America, I think you’re gonna see GDP next year superb, over 4%,” Lutnick said in a CNBC interview.
Some economic experts have expressed caution over the country’s financial health, though. They have said that President Donald Trump’s tariffs, which at one point applied to nearly every nation in the world, may be harming American consumers.
The Tax Foundation, a think tank for tax policy, said in a recently updated report that historical evidence shows tariffs raise prices and reduce the amount of goods and services for consumers and businesses. As a result, there is less income, a lower employment rate and less economic output, the organization wrote.
Have questions, concerns or tips? Send them to Ray at rjlewis@sbgtv.com.