The impacts of the pandemic-era government spending and monetary policy that helped support the U.S. economy have faded, and that makes the country vulnerable to a downturn in the coming months, according to JPMorgan Chase CEO Jamie Dimon.
“I think there’s a chance real numbers will deteriorate soon,” Dimon said at a Morgan Stanley conference on Tuesday, according to a transcript from FactSet.
The U.S. has continued to see growth in total employment and consumer spending this year, even as survey data has shown weakening confidence in consumers and business leaders in the face of the Trump administration’s tariff policies.
Dimon downplayed the survey data, saying that “neither consumers nor businesses ever pick the inflection points,” but said the economy’s “soft landing” was likely to look weaker going forward.
“Employment will come down a little bit. Inflation will go up a little bit. Hopefully, it’s just a little bit,” he said, adding that lower levels of immigration is another complicating for the factor.
