Some of the most powerful voices in finance are sounding the alarm about where the economy is heading. The Bureau of Labor Statistics just revised its nonfarm payroll data for the year leading up to March 2025 and the results were a wake-up call. The report revealed that 911,000 fewer jobs were created than originally reported. That is the largest downward revision in more than two decades. Over fifty percent larger than last year’s adjustment. Then came the August jobs report, only 22,000 positions were added. Together, these numbers tell us that the labor market is not nearly as strong as we thought. Now the leaders of America’s biggest banks are saying so out loud.¹

Big Banks Say We’re Slowing Down

Goldman Sachs CEO David Solomon put it bluntly: the economy is still moving forward, but the pace is slowing. He pointed to weaker job data, tariffs that are eating into growth, and inflation that refuses to back down. He expects the Federal Reserve to step in soon with a 25-basis-point cut to the policy rate.

Then there is JPMorgan Chase CEO Jamie Dimon. He went a step further, warning, “I think the economy is weakening.” Dimon said a Fed rate cut might not be enough to change the direction of the economy. He listed tariffs, immigration changes, geopolitical tensions, and the sweeping tax and spending measures as forces weighing down momentum. Whether this leads to a recession is unclear, but Dimon’s advice was simple: be careful right now.²

Signs of Strain Across the Board

The story does not stop with Goldman Sachs and JPMorgan. Wells Fargo CEO Charles Scharf is watching a growing gap between higher-income and lower-income households. Wealthier Americans are still spending comfortably, and large companies are reporting solid numbers. But everyday Americans are starting to feel squeezed. Scharf warned that consumer spending may be coming from accounts with thinner and thinner balances. That is not sustainable for long.

PNC Financial Services CEO Bill Demchak added that structural issues such as labor shortages and wage pressures are not going away anytime soon. Even if tariffs fade, these cost pressures will remain. Demchak said the revised BLS report confirms what many corporate leaders have been feeling for months. His conclusion: the case for a Federal Reserve rate cut is getting stronger.

Morgan Stanley’s Ted Pick and Barclays CEO C.S. Venkatakrishnan also agree that rate cuts are coming, albeit small ones. But they are advising CEOs to keep their focus on long-term dangers to the economy.

Rate Cuts Are Looming

Markets are already pricing in what they see coming. Traders expect the Fed to lower rates by at least a quarter point in the next meeting. Some are even betting on a deeper 50-basis-point cut. It would be the first cut since December 2024, when the central bank lowered rates to the current range of 4.25 to 4.50 percent. A move like this will ripple through mortgages, credit cards, and business lending. Lower rates might feel like relief, but they are also a sign that policymakers are worried about growth.

Inflation and Spending

The CEOs all say inflation is complicating the picture. The Consumer Price Index climbed 2.9 percent over the 12 months ending in August. That is the sharpest increase since January. Food costs are adding pressure too. Grocery prices jumped 0.6 percent from July to August, the biggest monthly jump in two years.³

Despite this, consumer spending (70% of the GDP) is still humming. But for how long? Bank of America reports credit card spending is up nearly 4.5 percent over last year’s levels. At first glance that looks healthy, but many families are spending out of necessity, not because they are flush with cash. If their paychecks cannot keep up, we could see spending slow sharply. Hitting growth right when it is most vulnerable.⁴

Role of Gold

When the heads of the world’s largest banks are all pointing to the same warning signs, it is smart to take notice. Rate cuts may provide a short-term boost, but they do not solve deeper problems like wage inflation, supply chain bottlenecks, and unpredictable government policies. Those issues will take time to work through.

Gold has historically performed well in moments like this. When job creation slows and prices stay high, gold often becomes the go-to safe haven. Investors and savers look for stability, and gold delivers it when stocks and bonds get shaky.

Conclusion

When the nation’s top CEOs warn of economic risks, preparation, rather than panic, is the best strategy. Diversification and risk management are most effective when they happen before a downturn. Physical gold has proven to be one of the most reliable ways to protect savings through turbulent times. For retirement savers, a Gold IRA adds an extra layer of security, helping to keep wealth intact regardless of where the economy heads next.

If you want to stay ahead of the curve, now is the time to act. To learn how to protect your savings and diversify with gold, call American Hartford Gold at 800-462-0071 and get your free information guide today.

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Max Baecker is the President of American Hartford Gold (AHG), the nation’s largest retailer of precious metals. He leads American Hartford Gold’s mission to help clients achieve long-term financial security with physical gold and silver.

Under his guidance, American Hartford Gold has delivered billions of dollars’ worth of precious metals to thousands of satisfied clients.

Max's dedication to upholding American Hartford Gold's industry-leading standards is reflected in its accolades. American Hartford Gold has made numerous high-ranking appearances on the prestigious Inc. 5000 List of America’s Fastest-Growing Private Companies. AHG holds an A+ Rating from the BBB and a 5-Star Rating on Trustpilot from thousands of American Hartford Gold reviews. American Hartford Gold is the only precious metals company trusted and recommended by Bill O’Reilly.

AHG offers investment-grade gold and silver coins and bars at competitive prices. Clients also benefit from its buy-back commitment with no back-end fees. To learn more, visit American Hartford Gold.

Notes:

1. https://www.bls.gov/news.release/prebmk.nr0.htm

2. https://www.cnbc.com/2025/09/09/jpmorgan-jamie-dimon-economy.html

3. https://www.cnbc.com/2025/09/11/inflation-breakdown-for-august-2025.html

4. https://institute.bankofamerica.com/content/dam/economic-insights/consumer-checkpoint-august-2025.pdf