“People actually have a lot of money”, JP Morgan ( The CEO said at a House Financial Services Committee hearing to hold mega-banks accountable, “and they don’t particularly want to go back to work.” )
Some industries, including restaurants and factories, have reported hiring difficulties in recent months.
Economists cited three main causes: persistent health problems, lack of child care facilities and the $ 300 increase in federal unemployment benefits that could make it more difficult to fill low-wage positions. Many GOP-led states recently decided to stop paying these improved unemployment benefits.
Honeywell (, the world’s largest industrial company in terms of market value, is struggling to hire despite rising wages. “We have a lot more openings than I would like, frankly,” CEO Darius Adamczyk told CNN Business last week. )
During the hearing, which included testimony from the executives of the six largest U.S. banks, Bank of America ( CEO Brian Moynihan called the worker shortage “a serious concern.” )
Dimon also reiterated his optimism about the economic recovery and the job market.
“Rest assured, I think we’re going to see a booming economy and a lot of people going back to work,” he said. “I hope this will continue for a long time. “
But Dimon had harsh words for politicians about the economic challenges facing the country. He reiterated his recent critiques of public policy, particularly around infrastructure, healthcare, taxation, immigration and regulation.
“American leadership really matters,” Dimon said. “If we don’t get our academic action together, we won’t be a leader in 20 years. “