JPMorgan Chase CEO Jamie Dimon in a new interview raised concerns over the U.S. economy as inflation increases, saying he sees a “weakening” in the job market.
“The lower income wages haven’t gone up for a long period of time,” Dimon told CNN’s Erin Burnett in an interview that aired Wednesday.
“There’s … weakening in the job market, there’s no question,” he continued. “It’s not recessionary, it’s just weakening.“
Dimon added, “Will it continue to weaken? I don’t know.”
President Trump on Wednesday traveled to Miami to promote his economic agenda, highlighting the administration’s efforts to lower gas prices, drop interest rates and secure investments from other countries.
“One year ago, we were a dead country,” Trump said. “Now we’re a country that’s considered the hottest country anywhere in the world.”
The rhetoric runs counter to exit polls following Democrats’ sweeping wins in elections a day earlier, which found confidence in the economy falling. Voters in New Jersey, Virginia, California and New York City — according to The Associated Press survey — said they based many of their choices on affordability and cost of living expenses.
Payroll management company ADP said in its National Employment Report that 42,000 jobs were added in October within the private sector.
“Last month delivered a rebound from two months of weak hiring, but the bounce wasn’t broad-based,” ADP wrote. “Education and health care, and trade, transportation, and utilities led the growth.”
“For the third straight month, employers shed jobs in professional business services, information, and leisure and hospitality,” the company added.
The Bureau of Labor Statistics (BLS) has not produced an official jobs report since the government shutdown began. Data in the August and September reports, however, showed dismal growth in the market and rising unemployment.
Trump fired former BLS Commissioner Erika McEntarfer in August after revisions made to previous reports revealed that less jobs were created over the last year than originally reported. The president accused her of manipulating numbers to appease Democrats.
