Fairfield-based General Electric Co. chief executive Jeffrey Immelt warned that high unemployment and slower lending will drag on U.S. economic growth, likely resulting in the weakest recovery in decades.
“There are reasons to believe that this recovery could look different from ones in the past,” Immelt said in a speech last week in Singapore. “There’s not a lot of confidence that it’s going to be great.”
Immelt suggested the world’s largest economy could be facing its slowest recovery from a recession since before the 1970s as increased government regulation and bank consolidation pinch off available credit. (AP)
