Important Takeaways:

• Asked by Andrew Ross Sorkin at the New York Times DealBook Summit why perceptions of the economy are poor in recent polling, despite some positive indicators, Dimon said inflation and other issues are holding it back, and again at the expense of lower earners.
• “If you look at the U.S., yes, you know, almost all-time low unemployment, but inflation is hurting people,” he said. “The bottom third, I kind of think they have a right to be p—ed off. I would probably be a little p—ed off if I were them.”
• “You’re all wealthy and have money and stuff like that, but their average wages are $15 to $20 [an hour]. They’re the ones who lost their jobs in COVID,” he said. “They’re dying five or six years younger than the rest of us. They’re the ones who don’t have medical insurance. They’re the ones where their schools don’t work. They’re the ones dealing with crime. What the hell have we done as a nation?”
• “Yeah, corporate profits are up because people are spending a lot of money. Where do they get the money? The government gave it to them. Well, of course, profits are up,” he added. “So, I’m quite cautious about the economy… I would just be a little careful about that just because it feels pretty good today.”
• The Biden administration has repeatedly touted low unemployment and declining rates of inflation, but a majority of Americans say they’re living paycheck to paycheck, and the economy is viewed as a place of vulnerability for the White House going into 2024.

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