ERIE, Pa. (AP) -- General Electric CEO Jeff Immelt is telling shareholders that the economy is the toughest it's been since 2001 and that the U.S. is facing the worst housing crisis since the Great Depression.
Immelt is speaking to shareholders Wednesday at the company's annual meeting in Erie, Pa.
GE missed its own earnings projections for the first quarter and the company is citing the weak U.S. economy.
GE shocked investors and analysts with a first-quarter earnings report two weeks ago that saw profits fall 6 percent. The report triggered a stock plunge that wiped out more than $46 billion in market capitalization and saw the company's stock fall nearly 13 percent.
Erie is the headquarters of GE's transportation business.