JPMorgan Chase CEO Jamie Dimon is worried about the possibility of “stagflation,” which is a period of slow economic growth, high unemployment and high inflation. He mentioned the term at two separate events last week.

“I worry that it looks more like the '70s than we've seen before,” he said at an event at the Economic Club of New York on Tuesday, per Fox Business. The US experienced stagflation caused by an increase in the price of oil in the 1970s.

Dimon also brought up the concern in an interview with The Associated Press on Friday at the opening of a Chase branch in Bronx, New York, adding that he was “cautious” about the economy.

JPMorgan Chase is the largest bank in the US with $3.4 trillion in assets.

While Dimon told the AP he was “hopeful” for one soft landingor an outcome that avoids a recession, he said he was “just a little more doubtful than others that a (soft landing) is a given.”

^{Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co., speaks during an Economic Club of New York. Photo: Victor J. Blue/Bloomberg via Getty Images}

Dimon's comments come as inflation rates are rising, moving away from the Federal Reserve's 2% target. March one consumer price index ratio from the US Bureau of Labor Statistics recorded that the annual inflation rate was 3.5%, the highest level since September 2023. Rising gasoline and housing costs fueled the increase.

The average American family is paying $227 more per month for needs compared to a year ago.

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At the same time, BLS data told that average hourly earnings increased by only 0.6%.

Dimon's remarks also echo Thursday's Commerce Department Report showing that US economic growth slowed from January to March.

The report recorded that gross domestic product (GDP) rose 1.6%, below analysts' expectations of 2.4%.

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However, while higher inflation and slower economic growth appear to be happening, the third part of stagflation (high unemployment) is yet to be seen in the numbers.

April BLS data told that the unemployment rate fell from 3.9% in February to 3.8% in March. The same report showed that job postings increased more than expected, especially in the health, government and construction sectors.