(Schenectady, NY) -- Innovation and competitiveness. President Obama spoke about both during a stop at General Electric in Schenectady this afternoon. Obama urged U.S. employers to hire more workers to invigorate the sluggish economic recovery.

Meanwhile, Obama has named GE Chief Executive Jeffrey Immelt to head up a new White House advisory panel on economic growth. Immelt has served for the past two years on the President's Economic Recovery Advisory Board. That panel has been chaired by former Federal Reserve Chairman Paul Volcker, who is retiring.