CLARIFICATION: GE Capital responds to Trade story

Author:
Updated:
Original:

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.”

Related

NMMA Confirms Industry Growth

NMMA president Frank Hugelmeyer said the boating business grew 12 percent last year during yesterday’s virtual State of the Boating Industry address.

Newport Show Dates Announced

Organizers are planning for an in-person Golden Anniversary edition of the show Sept. 16-19.

Quick Hits: March 5, 2021

The National Association of Manufacturers names Brunswick Corp. CFO Ryan Gwillim to its Board of Directors.

Caught Red-Handed

Two commercial fishermen were jailed for possessing an illegal haul that included 100 undersized lobster tails, which is a felony. Also, fisheries management gets new funding.

Bennington Expands Operations

The pontoon builder plans to add jobs at its new facility in Elkhart County, Ind., and increase manufacturing output.

KVH Industries Names CFO

Longtime telecom financial executive Roger A. Kuebel assumes the position that COO Brent Bruun had held in an interim capacity.