CLARIFICATION: GE Capital responds to Trade storyPosted on
GE Capital said it is not predicting a U.S. unemployment rate of 7 percent this year and does not consider that forecast by others to be upbeat.
A story in Trade Only Today on Thursday about a GE Capital presentation at the Miami International Boat Show reported GE Capital economist Rob Podorefsky as predicting a rate near 7 percent.
GE Capital also said a 2.5 percent inflation rate for 2013 is the Federal Reserve’s forecast threshold, not that of GE Capital. GE Capital said it thinks the Fed has done a remarkable job only in “some categories.” Government purchases and investments are going down, not spending.
During his presentation, Podorefsky referred to 3.6 million jobs, most of them in the leisure, transportation and health-care industries. GE Capital said the jobs must be aligned with those who are qualified and in need.
GE Capital said a misstep by Congress in dealing with taxes, spending cuts and budget cuts could have “serious consequences.”