JPMorgan Chase (NYSE: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 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 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. “Whether its on the way to recession or just weakening, I don’t know.”