Alarming Jobs Revision Signals ‘Economy is Weakening,’ Warns JPMorgan CEO Jamie Dimon

JPMorgan CEO Jamie Dimon has sounded the alarm on a potential economic slowdown following a record downward revision of nonfarm payrolls by 911,000 jobs—surpassing the 700,000 consensus estimate. "I think the economy is weakening," Dimon stated in a CNBC interview, leaving open the question of whether this signals an impending recession. The Fed may cut rates at its September FOMC meeting, though Dimon doubts such a move WOULD materially alter the economic trajectory.

Consumer sentiment appears fragile, with August's nonfarm payrolls adding just 22,000 jobs against expectations of 75,000. The Index of Consumer Sentiment further corroborates this trend, dipping to 58.2. As the largest U.S. bank, JPMorgan’s vantage point reveals divergent consumer behavior across income brackets—while spending persists, cracks are emerging.