Jun 4, 2022 - Economy & Business

Business CEOs admit the economy is in a storm

Jamie Dimon
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview in London on May 4. Photo: Chris Ratcliffe/Bloomberg via Getty Images

Business leaders are suddenly admitting the U.S. economy is faltering.

Driving the news: Figures out Friday show the jobs boom may be starting to lose heat. Meanwhile, a national labor shortage, surging stock prices and a feeling that healthy consumers are no longer guaranteed have contributed to a "muddled" outlook for business leaders, the Wall Street Journal reports.

  • Meta and Uber sharply slowed hiring in recent weeks. Walmart and Target said higher costs are eating into earnings.

What they're saying: "That hurricane is right out there down the road coming our way. ... We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself,” JPMorgan Chase CEO Jamie Dimon said at a conference Wednesday.

  • Earlier this week, Tesla CEO Elon Musk emailed executives that he has a "super bad feeling" about the economy and needs to cut about 10% of salaried employees at the electric carmaker.

Yes, but: While predictions of an impending recession are gaining popularity, others see signs of a resilient economy.

  • Layoffs are at record lows and households and businesses are still spending, the Washington Post reports.
  • Demand for workers remains high, especially for restaurants and airliners. At the same time, job openings are close to record highs, WSJ notes.
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