The consumer is "fine" but inflation is "not going down," Jamie Dimon says

Ben Berkowitz

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.