The American consumer is in good shape, even as the labor market softens and inflation appears persistent, JPMorgan Chase CEO Jamie Dimon said Sunday.
Why it matters: Few people have as much visibility into the real-time health of the consumer and the economy.
What they're saying: "In the short run, it looks like the American consumer is doing fine, is chugging along, companies are making profits, stock markets are high — that could easily continue," Dimon told Fox News' "Sunday Morning Futures."
- "There are little small negatives: Jobs are weakening, but just a little bit, inflation is there and maybe not going down."
The intrigue: Dimon sees AI impacting science and productivity but doubted it was on the cusp of upending the labor market.
- "Jobs have gotten a little weaker, wages have gotten a little weaker, and when you talk to businesses, they're going to be a little more cautious hiring. That's not because of AI, that's just because they want to do more with less," Dimon said.
- "I don't think AI is going to dramatically reduce jobs unbelievably next year," Dimon added.
The bottom line: Early signs suggest the consumer is still shopping this holiday season, but unease over the cost of living is rising quickly as well.
- The economy's fragile balance could easily tip in any of a number of directions from here.
