DailyTimeCapsule brief
January 21, 1999
On January 21, 1999, General Electric (G.E.) announced a remarkable 14% increase in profits, attributing this success to an increase in service work across various divisions. This announcement came amidst a burgeoning economy in the late 1990s, characterized by rapid technological advancements and a focus on service-oriented industries. Meanwhile, the retail sector faced scrutiny as a major retailer issued a recall of robes due to a potential fire hazard, highlighting ongoing concerns about consumer safety. The markets remained unstable, as reflected in reports on commodities trading. During this period, America was also experiencing a cultural renaissance, with the internet beginning to reshape daily life and commerce.
Key developments
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In the fourth quarter, General Electric Co reported a 14% increase in profit, with net income reaching $2.67 billion compared to $2.35 billion from the same period the previous year. The company's revenue also rose by 7%, climbing to $28.6 billion from $26.7 billion. For the full year of 1998, GE's profit experienced a noteworthy 13% growth, showcasing its success in expanding service work alongside its traditional manufacturing operations.
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The Consumer Product Safety Commission announced the recall of approximately 17,600 girls' fleece robes sold at Limited Too stores due to a safety violation. These robes have been found not to meet the Federal fire-resistance standards, posing a potential fire hazard to wearers. Consumers are advised to stop using the robes immediately and to contact the retailer for further instructions on receiving a full refund.
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In March 1998, lumber prices surged by 3 percent, reaching a 16-month high of $348.70 per 1,000 board feet. This increase was largely attributed to a government report highlighting that 1998 was the best year for home builders in a decade, indicating a strong recovery and demand in the housing sector. The rise in lumber prices reflects broader economic trends and market confidence, showcasing the interconnectedness of construction and commodity markets.
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