Billionaire Warren Buffett said the U.S. economy has "no bounce" and needs more time to recover from the recession, CNBC reported.
"We have had no bounce" in the economy, Buffett said on CNBC. "There are a lot of excesses to be wrung out, and that process is still under way, and it looks to me it will be under way for quite a while."
The economy does have some positive signs, he said. Buffet doesn’t see the U.S. suffering from deflation.
In February, Buffett had said the economy was in "shambles." He thinks the economy hasn’t changed since the spring.
"I'm afraid that's true," he said.
The second-richest American, Buffett lauded the work by the Federal Reserve and the administration to boost the economy.
"They're doing things, but they take a while to have an effect," he said. "You can't produce a baby in one month by getting nine women pregnant."
Buffett remains an avid fan of the stock market and said it will remain "attractive over the next 10 years" compared with other options.
On Fox Business Network, Buffett predicted the United States will keep its "triple-A" credit rating for several decades.
Economist Brian Wesbury of First Trust Portfolios said employment in the U.S. looks weak, Voice of America reported.
"There are still hundreds of thousands of people who are losing their jobs and filing unemployment insurance claims every week," Wesbury said.
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