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JPMorgan Chase CEO Jamie Dimon raised concerns about the U.S. economic outlook on Tuesday, citing recent labor market data as evidence that growth is slowing more sharply than expected.

Major payroll revisions signal weaker growth

The Labor Department revised nonfarm payroll figures for the year through March 2025 downward by 911,000 jobs, marking the largest adjustment in over two decades. This revision far exceeded Wall Street’s initial expectations and highlights that the economy added far fewer jobs than previously estimated.

Dimon commented, “I think the economy is weakening. Whether it’s on the way to a recession or just slowing down, I don’t know.” The remarks came amid subdued hiring trends, including July’s meager 73,000 job gains and August’s modest increase of only 22,000 jobs, reflecting a significant slowdown from prior months.

Consumer and corporate trends

While employment remains relatively stable, Dimon emphasized that consumer confidence may be softening. “Most consumers still have jobs and are spending money, depending on their income levels, but confidence may have just taken a hit,” he said.

Corporate profits remain robust, creating a mixed economic picture. Dimon noted that JPMorgan monitors a wide array of data across consumer activity, corporate health, and global trade to assess trends and risks in real time.

Federal Reserve and interest rates

Dimon also addressed the potential impact of monetary policy, suggesting that the Federal Reserve will likely cut its benchmark interest rate at its upcoming meeting later this month. However, he cautioned that such a move might not be consequential enough to fully offset the current slowdown.

Market implications

Investors often heed Dimon’s insights, given his long tenure steering JPMorgan through previous periods of turbulence. While he has historically warned of risks that don’t always materialize immediately, his comments underscore growing uncertainty in the labor market and overall economic momentum.

With the U.S. economy showing slower job creation, tentative consumer spending, and mixed corporate performance, Dimon’s warning highlights that policymakers and investors will need to closely monitor upcoming economic indicators to gauge the trajectory of growth.