Despite Jobs Disappointment, Buffett Still Doesn't Expect Double-Dip
Warren Buffett acknowledges that this morning's June jobs report is disappointing, but he's sticking with the economic optimism we heard in yesterday's CNBC live interview.
While some are saying the economy may be heading back to a recession,Buffett tells Bloomberg this morning, "I would bet very heavily against that. How fast the recovery will come, I don't know. I see nothing that indicates any kind of a double dip."
Even so, he says President Obama can't be happy with this morning's report from the Labor Department that payrolls increased by just 18,000 in June as the unemployment rate increased to 9.2 percent.
"It means that we're still a ways off from getting to where we should be. We're seeing growth around the world, but it's not mushrooming."
Buffett repeated his belief that once the residential construction rebounds, "We will come back big time on employment."
He's predicting a decline to an unemployment rate of 6 percent "within a few years."
Warren Buffett acknowledges that this morning's June jobs report is disappointing, but he's sticking with the economic optimism we heard in yesterday's CNBC live interview.
While some are saying the economy may be heading back to a recession,Buffett tells Bloomberg this morning, "I would bet very heavily against that. How fast the recovery will come, I don't know. I see nothing that indicates any kind of a double dip."
Even so, he says President Obama can't be happy with this morning's report from the Labor Department that payrolls increased by just 18,000 in June as the unemployment rate increased to 9.2 percent.
"It means that we're still a ways off from getting to where we should be. We're seeing growth around the world, but it's not mushrooming."
Buffett repeated his belief that once the residential construction rebounds, "We will come back big time on employment."
He's predicting a decline to an unemployment rate of 6 percent "within a few years."