JPMorgan CEO Jamie Dimon said the US economy is in better shape than expected, but warned that several factors are contributing to a likely recession in the next 6 to 9 months.
report, released last Friday, showed that businesses kept hiring at a brisk pace, unemployment fell back to a half-century low and average pay rose.
Employers did pull back slightly on hiring last month, and average wage gains slowed. But economists say neither is falling fast enough for the Fed to slow its inflation-fighting efforts. As a result, another hefty rate hike of three-quarters of a point — a fourth consecutive one — is likely at the Fed's next meeting in November.
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