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First-half resilience and robust risk markets have challenged our forecast for a sharp deceleration in 2H25 and tempered risks of recession. This week’s news on global industry and the US labor market affirms our call.

Speakers:

Bruce Kasman

Joseph Lupton

This podcast was recorded on 1 August 2025.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This

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