Jun 4, 2022 - Economy

Business CEOs admit the economy is in a storm

Axios

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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Business CEOs admit the economy is in a storm

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