U.S. facing slow growth, not recession

October 18th, 2011 by James

U.S. facing slow growth, not recessionAccording to General Electric Co’s Jeff Immelt and other top executives, the U.S. economy is not slipping back into recession but will face a long, slow recovery as political gridlock in Washington and Europe make businesses wary of investing.

“Recovery is underway, but it’s a long, slow recovery. Slower than we’d like,” the head of GE told a group of about 500 executives from mid-sized U.S. companies.

From in.finance.yahoo.com:

Other top voices from corporate America offered a similar assessment on Thursday, including FedEx Corp CEO Fred Smith and ExxonMobil Corp’s Rex Tillerson.

Data released on Thursday is backing them up: Activity in manufacturing, business spending and motor vehicle sales suggested that the economy, which expanded at a 1.3 percent annual rate in the second quarter, could avoid an outright decline in output.

“We don’t see a contraction; we don’t see a recession,” said FedEx’s Smith, who founded the world’s No. 2 package delivery company. “It’s steady as you go, slow growth.”

“This is a lot different than 2008, guys,” said Immelt, CEO of the largest U.S. conglomerate. “There’s liquidity, there’s pockets of growth and I think people have confidence that they might be able to find the right pockets of growth.”

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