GE Chief Immelt says US economy is in worst shape since 1970’s; US foreign affiliate earnings rise to record 37% of total corporate earnings
Feb 6th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The US economy is in its worst shape since the deep recession of 1974 and 1975, and if it deteriorates further the most meaningful comparisons will be to the Great Depression, General Electric Co (GE) Chief Executive Jeff Immelt said on Thursday. Meanwhile, investment bank Morgan Stanley says earnings of US foreign affiliates, have risen to a record 37% of total earnings and are slowing.