Wells Fargo CEO Charles Scharf highlighted a growing gap between high-income and low-income Americans, noting that lower earners are struggling while corporations and wealthier consumers are thriving. Data shows steady spending and debt repayment among all income levels, but signs of stress among lower earners living on the edge.

Scharf’s comments came after JPMorgan Chase CEO Jamie Dimon stated that a Labor Department report revealed a weakening economy, with hiring slowing to a near halt. Recent revisions lowered job creation by 911,000 positions through March. Scharf acknowledged the undeniable data and noted more downside than upside across wealth spectrums.

Executives and investors are facing mixed signals about the U.S. economy in President Donald Trump’s second term. Stock indexes are high, but concerns linger over inflation and job creation. Scharf mentioned that many CEOs support Trump’s tariff policies to address trade imbalances, but these duties may be impacting job creation by causing uncertainty among middle market companies.

Read more at CNBC: Wells Fargo CEO Charles Scharf sees downside to U.S. economy