Sep 12, 2018

Jamie Dimon belittles Trump: My money "wasn't a gift from Daddy"

Jamie Dimon. Photo: Win McNamee/Getty Images

Jamie Dimon, CEO of JPMorgan Chase, said Wednesday that he thinks he would beat President Trump in an election, though he doesn't plan on running.

"I think I could beat Trump ... because I'm as tough as he is, I'm smarter than he is. I can't beat the liberal side of the Democratic Party. ... And by the way this wealthy New Yorker actually earned his money, it wasn't a gift from Daddy."

Yes, but: Dimon quickly backtracked on his remarks after making them. In a statement to Bloomberg, Dimon later said his comments prove he "wouldn't make a good politician. I get frustrated because I want all sides to come together to help solve big problems.”

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Unemployment rate falls to 13.3% in May

Photo: Steve Jennings/Getty Images

The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.

Why it matters: The far better-than-expected numbers show improvements in a job market devastated by the coronavirus pandemic as economies reopen, the government said.

The difficulty of calculating the real unemployment rate

Data: U.S. Department of Labor; Note: Initial traditional state claims from the weeks of May 23 and 30, continuing traditional claims from May 23. Initial PUA claims from May 16, 23, and 30, continuing PUA and other programs from May 16; Chart: Andrew Witherspoon/Axios

The shocking May jobs report — with a decline in the unemployment rate to 13.3% and more than 2 million jobs added — destroyed expectations of a much worse economic picture.

Why it matters: Traditional economic reports have failed to keep up with the devastation of the coronavirus pandemic and have made it nearly impossible for researchers to determine the state of the U.S. labor market or the economy.

1 hour ago - Sports

How coronavirus could reshuffle the sports calendar

Illustration: Eniola Odetunde/Axios

The NBA's Board of Governors approved Thursday the league's 22-team plan to resume play at Walt Disney World — a plan that also includes tentative dates for both this season and next.

Why it matters: The league's proposed trip to Disney World not only impacts this season but could have a domino effect that impacts seasons in the future — and could permanently change what time of year the NBA plays its games.