August 04, 2011 at 13:07 PM EDT
Unemployment is 'Weighing on Consumer Confidence': JPMorgan Exec
The market turmoil seen this week has less to do with the U.S. debt ceiling or the crisis in Europe than weak economic numbers for the first half of the year, the downturn in consumer spending and continued weakness in the housing market, Jes Staley, CEO of Investment Bank at JPMorgan Chase, told CNBC Thursday.
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