New York, USA – 10 September 2025
JPMorgan Chase CEO Jamie Dimon warned on Tuesday that the U.S. economy is “weakening” and could be on the path to a recession. His comments followed a historic downward revision of government job data, which showed that the economy created far fewer jobs than previously reported, adding to concerns that a long-awaited “soft landing” may not materialize.
Speaking to reporters, Dimon, one of the most prominent voices on Wall Street, said the new data from the Bureau of Labor Statistics (BLS) confirms that the U.S. labor market is slowing down. The BLS’s preliminary annual revision cut the number of jobs created by over 911,000 between April 2024 and March 2025, the largest downward adjustment in more than two decades.
A Historical Context of Economic Warnings
Dimon’s warning is not a new one; he has a long history of expressing caution about the U.S. economy. He has repeatedly warned of “storm clouds” on the horizon, citing a number of factors that could lead to a recession. In early 2024, he raised concerns about rising inflation, high fiscal deficits, and ongoing geopolitical tensions. While he has been accused of being overly pessimistic at times, his warnings are taken seriously due to his track record of navigating JPMorgan through the 2008 financial crisis and the COVID-19 pandemic.
In the past, Dimon’s warnings often focused on the negative impacts of government spending and trade policy. He has consistently argued that massive deficits and trade wars can have a destabilizing effect on the economy. His current warning, however, is more directly tied to recent economic data, which he believes provides clear evidence of a significant slowdown.
Market and Fed in Focus
The revised job numbers have led to increased speculation that the Federal Reserve will cut interest rates at its upcoming meeting. Dimon stated that the Fed will “probably” cut rates, but he cautioned that such a move may not have a significant impact on the real economy, which he says is already feeling the effects of a weakening consumer. The combination of a slowing labor market and a more cautious consumer could signal a difficult period ahead.
The market has so far reacted with cautious optimism to the news, with stock futures edging higher as investors hope the Fed will step in to support the economy. However, as Dimon notes, the new data presents a complex picture, with a “weakening consumer” but still-strong corporate profits. The true strength of the economy, and whether it can avoid a recession, remains to be seen.
