The chief executive of America\u2019s biggest bank says consumers continue to show resilience.<\/p>\n
This is in spite of a cooling job market and ongoing inflation, JPMorgan Chase<\/a> CEO Jamie Dimon<\/a> said Sunday (Dec. 7) in an interview<\/a> with Fox News.<\/p>\n \u201cIn the short run, it looks like the American consumer<\/a> is doing fine, is chugging along, companies are making profits, stock markets are high. That could easily continue,\u201d he said, while also pointing to areas of concern.<\/p>\n \u201cThere are little small negatives: Jobs are weakening, but just a little bit, inflation is there and maybe not going down,\u201d Dimon told Fox News\u2019 Maria Bartiromo.<\/p>\n As covered here last week, recent labor reports \u2014 spanning government, private sector data and PYMNTS Intelligence findings \u2014 demonstrate rising uncertainty<\/a> among hourly workers, even as these consumers keep spending.<\/p>\n 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..<\/p>\n Advertisement: Scroll to Continue<\/p>\n PYMNTS Intelligence\u2019s Wage to Wallet Index\u2122<\/a> research has found that \u201cthese consumers are still shopping, although earnings reports illustrate that they are trading down and concentrating spending in value channels instead of pulling back entirely,\u201d the report added.<\/p>\n 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.<\/p>\n \u201cLook, I don\u2019t think AI is going to dramatically reduce jobs like unbelievably next year. And for the most part, AI is going to do great stuff for mankind, like tractors did, like fertilizer did, like vaccines did. It\u2019ll save lives,\u201d Dimon said.<\/p>\n Still, he stressed that AI needs to be properly regulated as adoption grows<\/a>, saying that there were \u201cdownsides\u201d to AI the way there is to a variety of products.<\/p>\n \u201cSo assuming that the government figured out some way to put guardrails around AI \u2026 but it will eliminate jobs,\u201d said Dimon. \u201cIt doesn\u2019t mean that people won\u2019t have other jobs.\u201d<\/p>\n