JPMorgan CEO Sees Consumers ‘Doing Fine’ Despite Job Troubles

The chief executive of America’s biggest bank says consumers continue to show resilience. This is in spite of a cooling job market and ongoing inflation, JPMorgan Chase CEO Jamie Dimon said Sunday (Dec. 7) in an interview with Fox News. “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,” he said, while also pointing to areas of concern. “There are little small negatives: Jobs are weakening, but just a little bit, inflation is there and maybe not going down,” Dimon told Fox News’ Maria Bartiromo. As covered here last week, recent labor reports — spanning government, private sector data and PYMNTS Intelligence findings — demonstrate rising uncertainty among hourly workers, even as these consumers keep spending. Jobless claims are at their lowest level in three years, though companies are planning more layoffs, and wages for the 60 million workers who make up the Labor Economy have fallen.. PYMNTS Intelligence’s Wage to Wallet Index research has found that “these consumers are still shopping, although earnings reports illustrate that they are trading down and concentrating spending in value channels instead of pulling back entirely,” the report added. The interview also touched on concerns that artificial intelligence (AI) could lead to widespread job cuts. Dimon contended that pressures on the workforce were there even before the technology skyrocketed in popularity. “Look, I don’t think AI is going to dramatically reduce jobs like unbelievably next…

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