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JPMorgan Chase CEO Jamie Dimon shared apprehensions about the economy after the Bureau of Labor Statistics said the country added 911,000 fewer jobs over the 12 months ending in March than previously reported.
“I think the economy is weakening,” Dimon told CNBC’s Leslie Picker in an interview.
“Whether it’s on the way to recession or just weakening, I don’t know.”
The CEO said a lot of factors are at play and contributing to an environment of uncertainty.
The courts are weighing the legality of President Trump’s tariffs, which the White House projected would rake in trillions in revenue for the country.
While levies remain in place, foreign businesses are beginning to face the brunt of exporting products to the U.S. at higher rates.
Dimon predicted that the Federal Reserve will “probably” reduce interest rates at its September meeting, while noting it might not “be consequential to the economy.”
His comments align with some Republican lawmakers, who have also raised concerns about the country’s financial stability.
“My take is that we’re in rough spot. The jobs numbers are low,” said Rep. Don Bacon (R-Neb.). “If you look at industrial jobs, if you look at the farm economy right now — the farm economy is looking pretty bleak.”
“I don’t see where tariffs have helped us yet; I don’t see a lot of corn and soybeans being bought,” he said.
Sen. Jerry Moran (R-Kan.) shared similar thoughts, highlighting a pause in corporate ventures as companies weigh the scale of new tariffs and trade rates.
“There’s still so much uncertainty. The economy could be better than it is,” Moran told The Hill.
“Businesses are waiting to see what happens, and therefore, there’s less job growth than there otherwise would be,” he said.
The Trump administration has maintained a positive outlook, with Treasury Secretary Scott Bessent noting he’s expecting to see a “substantial acceleration” in the fourth quarter.
“President Trump was elected for change and we are going to push through with the economic policies that are going to set the economy right,” Bessent told NBC’s Kristen Welker on Sunday.
