Billionaire Warren Buffett said the U.S. economy is “coming back” and does not need more stimulus, despite an uneven recovery that mirrors the fortunes of businesses at his company, Berkshire Hathaway Inc.
Buffett also said he remains on the prowl for a big acquisition, having lost a sizable one in the last day or two, but that there is not a “high probability” of one soon.
Speaking on CNBC television, Buffett maintained his “enormous respect” for the efforts of Federal Reserve Chairman Ben Bernanke to move the economy forward.
He said improvement in the business environment is likely in future months to be reflected by a decline in the U.S. unemployment rate, probably to the low 7 percent range by the November 2012 elections from 9 percent now.
He said such gains suggest no need for more stimulus.
“In the end, I don’t think we need more of that,” he said.
Activity is probably “inching” ahead in most businesses at Berkshire and in much of the economy, while others are “moving forward” and others are “stuck,” he said.