Top financial services executives in America are warning of economic softening. CEOs, like Goldman Sachs’ David Solomon, point to job data indicating a weakening economy. The Bureau of Labor Statistics revised nonfarm payrolls data, dropping 911,000 jobs from prior estimates, fueling concern. The Fed may cut rates next week amid economic uncertainty.

President Trump has criticized the BLS data collection methods and the head of the bureau was fired in August. CEOs believe tariffs are impacting growth and inflation needs addressing. JPMorgan Chase CEO Jamie Dimon predicts a Fed rate cut, citing a slowing economy. Wells Fargo CEO Charles Scharf sees downside to the U.S. economy, especially for lower-income Americans.

Job creation in August showed weakness with nonfarm payrolls only increasing by 22,000. Morgan Stanley CEO Ted Pick notes policy uncertainty affecting businesses. Barclays CEO C. S. Venkatakrishnan expects a Fed rate cut due to labor market softness. Traders anticipate a quarter-point cut, with some betting on a deeper 50 basis point cut.

PNC Financial Services CEO Bill Demchak highlights underlying pressures in the economy, such as labor shortages and wage pressures. He supports the BLS’ revised job numbers as evidence for future rate cuts. Despite consumer spending driving the economy, concerns about tariffs and economic pressures persist.

Read more at CNBC: Solomon, Dimon, Pick weigh in on the state of the economy