Economic growth in the U.S. surpassed expectations in the second quarter with a 2.8% increase in GDP, driven by strong consumer demand and government spending. However, the economy has shown signs of slowing down in the second half of the year, with private sector payrolls growing at the weakest pace since 2011, raising concerns about cyclical companies. JPMorgan Chase CEO Jamie Dimon warned that stagflation, a combination of stagnation and inflation, remains a real threat, which could lead to higher unemployment and reduced consumer purchasing power. Despite a decline in inflation to 2.5% in August, the potential for increased national debt and interest payments could exacerbate inflationary pressures. Dimon's concerns highlight the precarious balance of the U.S. economy as it navigates between growth and inflation.