JPMorgan’s Shocking Revelation: Is the US Economy on the Brink of a Meltdown? 😱

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So, here we are, folks! Banking behemoth JPMorgan Chase has decided to drop a little bombshell: cracks are starting to show in the US economy, even while the headlines are all sunshine and rainbows. 🌈

In a riveting interview with CNBC, JPMorgan’s chief global strategist, David Kelly, spills the tea. Apparently, the hard data is waving a little red flag, suggesting that the US economy is losing its pep, despite adding a whopping 139,000 jobs in May. Yes, you heard that right! That’s more jobs than I have pairs of shoes! 👠

But wait, there’s more! Underneath this shiny veneer, Kelly points out that the Labor Department has quietly revised down job gains for March and April. And guess what? The US lost hundreds of thousands of jobs last month. Oops! 😬

“This was a lot softer than the headlines suggested. To me, the one issue is that we saw over 600,000 jobs lost according to the Household Survey. That’s very volatile, but that was a negative signal.”

“The other thing is cutting 95,000 [jobs] out of the prior two months.”

“So we’ve only averaged 124,000 jobs so far this year, per month, for the first five months of the year. It was 168,000 last year.”

“When I’m looking at a lot of data, this slowdown is gradually seeping up and spreading across the economy. I think we’re missing it because we’re looking at headline payroll numbers or the weirdness in terms of trade and GDP. But this economy is gradually slowing down here.”

And if that’s not enough to make you spill your morning coffee, data from PNC Bank reveals that the number of adults working or looking for work dropped by 625,000 in May. Talk about a plot twist! It’s like a bad rom-com where the lead character just can’t catch a break. 😩

According to the bank, this labor force contraction might mean that “potential workers are becoming discouraged.” Well, who wouldn’t be? It’s like trying to find a decent avocado in a grocery store—nearly impossible! 🥑

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2025-06-08 23:02