Jamie Dimon Reportedly Believes Economy Is Wearing Out: ‘Whether It's On The Way To Recession Or Just Weakening, I Don’t Know’

JPMorgan Chase & Co. (JPM) CEO Jamie Dimon reportedly said that the U.S. economy was slowing down, as confirmed by the Labor Department’s report released on Tuesday.

“I think the economy is weakening,” Dimon told CNBC. “Whether it's on the way to recession or just weakening, I don’t know.”

According to the Labor Department’s report, the revised estimates of nonfarm payroll additions between April 2024 and March 2025 reflected a decrease of 911,000 jobs during the period, signaling a weaker labor market than previously noted.

Dimon also said that, as the biggest U.S. bank by assets, JPMorgan has access to a broad range of insights across consumer behavior, corporate activity, and global trade.

Retail sentiment on JPMorgan dipped to ‘neutral’ from ‘bullish’ territory a day ago, with message volumes at ‘high’ levels, according to data from Stocktwits.

The JPMorgan CEO added that while most consumers remain employed and continue to spend, depending on their income levels, he noted that overall confidence may be starting to waver. “There’s a lot of different factors in the economy right now,” Dimon told CNBC, citing the consumer weakness and still strong corporate profit levels. “We just have to wait and see.”

Dimon stated that the Federal Reserve will “probably” cut its benchmark interest rate at the upcoming meeting, but suggested the move may not have a significant impact on the broader economy.

The Bureau of Labor Statistics’ latest annual revisions revealed a sharper-than-usual downward adjustment to U.S. jobs data, with total nonfarm employment revised down by 0.6% for the period spanning April 2024 to March 2025.

While the report doesn’t capture the current state of the labor market, the findings suggest that previously reported job growth was overstated, offering a more tempered view of recent employment trends.

The Invesco QQQ Trust (QQQ) rose 0.1% and the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, saw a 0.12% increase during midday trading on Tuesday.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: Boeing Powers Through August With 57 Jet Deliveries, Fuels Bullish Retail Momentum