JPMorgan's Jamie Dimon says job revisions point to 'weakening' economy

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JPMorgan Chase (NYSE:JPM [https://seekingalpha.com/symbol/JPM]) CEO Jamie Dimon said Tuesday that the Bureau of Labor Statistics’ initial benchmark payrolls revision released Tuesday pointed to a "weakening" U.S. economy.

The BLS reported that employment growth [https://seekingalpha.com/news/4493395-us-jobs-gains-weaker-by-911k-in-year-through-march-bls-revision-show] in the 12 months through March 2025 was a record 911K less than official government data previously showed, translating into -0.6% of total employment and an average of nearly 76K less jobs each month.

The sharp downward adjustment mainly reflects [https://seekingalpha.com/news/4493425-payrolls-faced-massive-downward-revisions-due-to-faulty-birth-death-model-pantheon] flaws in the birth-death model used to estimate employment changes, according to Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics.

“I think the economy is weakening,” Dimon said in an interview with CNBC [https://www.cnbc.com/2025/09/09/jpmorgan-jamie-dimon-economy.html]. “Whether it's on the way to recession or just weakening, I don’t know.”

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