U.S. companies are in "pretty good shape" in many ways on back of the recovery of the world's largest economy, Jeffrey Immelt, Chief Executive Officer of General Electric (GE), said here on Thursday.
HTML clipboard Jeffrey Immelt, chairman and CEO of General Electric and chairman of the President's Council on Jobs and Competitiveness, gestures as he speaks after delivering luncheon remarks on "A Blueprint for Competitiveness", at the Economic Club of Washington, D.C.'s March meeting in Washington, March 31, 2011. (Xinhua/Reuters Photo)
Despite the near-term global economic recovery challenges including the devastating earthquake and tsunami in Japan, the broad U.S. economic growth this year is getting better, Immelt said Thursday at a luncheon meeting held by the Economic Club of Washington, D.C.
He noted signs of economic growing are emerging every day in the nation, adding that "the global markets remain strong, and corporate borrowers are more optimistic".
Obama last month picked Immelt to chair the newly-established President's Council on Jobs and Competitiveness, the administration's latest move to mend fences with the U.S. business sector and bolster job creation efforts.
Immelt stressed that the United States still has global leaders in a variety of important industries, but the nation should achieve a more balanced economy built on services and manufacturing.
Figures from the U.S. Commerce Department revealed that profits from domestic U.S. companies continued to expand by 47.6 billion U. S. dollars in the fourth quarter last year, but profits from domestic financial institutions rose 57.7 billion U.S. dollars in the period, with profits from nonfinancial firms down 10.1 billion dollars.
Immelt contended that the U.S. government should endeavor to control the budget deficit, adding that the nation needs to manufacture more, innovate more, export more and save more.