JPMorgan's Dimon: Don't Overreact on Jobs Data
NEW YORK (TheStreet) -- JPMorgan Chase(JPM) Chairman and CEO Jamie Dimon remained upbeat on the U.S. economy despite surprisingly poor jobs data released last week.
"We've created 4 million jobs in the last 24 months. Don't overreact to the monthly jobs data," Dimon said during a conference call with reporters following the bank's release of its first-quarter earnings Friday.
|JPMorgan Chairman and CEO Jamie Dimon|
Dimon also argued housing is "very close to a bottom," and said businesses are "very well capitalized" and "in good shape." He further contended that consumer debt is down 15%-20% from its peak as much of it has already been written off by creditors.
JPMorgan Chief Financial Officer Doug Braunstein also highlighted what he called a record level of loans to so-called middle market companies. That business, which JPMorgan also characterizes as loans to small businesses, is up 35% versus a year ago.
-- Written by Dan Freed in New York.
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