Dimon says US economy ‘booming,’ but warns about ‘inflationary’ events

JPMorgan Chase CEO Jamie Dimon said in an interview published Monday that the U.S. economy, while performing well, has to fend off “inflationary” events.

“The American economy is kind of booming right now. It’s good times,” Dimon told Alan Murray of The Wall Street Journal Leadership Institute.

Dimon noted that corporate profits are “way up,” corporations and consumers are “not overleveraged” and the unemployment rate is “really low.”

The unemployment rate has remained below 5 percent since September 2021 and was 4.2 percent last month, according to data from the Bureau of Labor Statistics (BLS).

Inflation, as measured by the consumer price index (CPI), ticked up from 3.4 percent in August to 3.7 percent in September, the BLS reported last week. Wholesale prices were also up 1.3 percent month over month in September, a surge driven by elevated energy prices amid the U.S.-Iran and Russia-Ukraine conflicts. 

Real average hourly earnings were down 0.7 percent from September 2025 to last month, according to the BLS. During his interview with Murray, Dimon said “you can argue whether” wages are going up “enough” for lower-income Americans.

“Probably not, but they have jobs, and that is the single most important thing for most people, that they have a job and they go to work,” the JPMorgan Chase CEO added.

But Dimon still warned about a slew of economic developments that could raise prices. Those events included mounting government deficits for global powers, the “remilitarization” of the world and the “restructuring” of trade agreements and healthcare systems. 

Annual inflation, based on the CPI, has increased during the Iran conflict, after it was 2.4 percent the month before the war. 

Long term, Dimon argued that investment in AI capabilities will spur growth and lower government deficits. But as of right now, the AI build-out is having an inflationary effect on the economy, he noted. 

Dimon also said the federal government should reform its immigration system to boost the workforce, a move he predicted would benefit the economy.

“If we allowed … merit-based, proper asylum … more people working, seasonal workers, that actually would grow the economy and reduce inflation,” Dimon remarked.