JPMorgan CEO Jamie Dimon will deliver a speech in Paris on June 29, 2021, when JPMorgan Bank’s new French headquarters in the United States launches.
Michelle Euler | AFP | Getty Images
JPMorgan Chase CEO Jamie Dimon said the temporary disruption in global supply chains due to the coronavirus is hindering economic growth, but the problem becomes a momentary issue. I would have said
At a conference organized by the International Finance Institute, Mr Dimon said, “You should never do that, but you can make predictions.” “It won’t be a problem at all next year. This is the worst part. I think a good market system will adapt to it like a company.”
The pandemic has revealed how interconnected the global supply system is. For example, the shortage of semiconductor chips has hindered manufacturers of automobiles and electronic components. Due to a shortage of aspiring workers, container ships are idle at major ports, delaying shipments of goods to retailers.
Some experts think the pain will continue until 2023, but Dimon’s outlook is more rosy. He said on Monday that he believes the economy is poised for growth over the next few years. He said part of this was due to consumer power.
“Remember that consumers buy other things,” Dimon said. “They can’t buy a car and they’re buying a home renovation. They can’t travel abroad and can’t travel domestically. The spending level is too high.”
“Consumers are exceptionally strong, consuming 20% more than pre-Covid consumers,” he said. “And the companies are in a very good position and they can spend a lot of time at these levels.”
Dimon said turmoil in the supply chain could simply prolong the recovery, rather than smother it.
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JPMorgan’s Dimon pointed to unusual consumer demand, saying that temporary supply chain disruptions would soon subside.
Source Link JP Morgan’s Dimon pointed to unusual consumer demand, saying that temporary supply chain disruptions would soon subside.