Have No Fear, Warren's Here!

Berkshire Hathaway

CEO Warren Buffett said this morning that employment in the U.S. will come back once residential housing construction comes back. Buffett went on Bloomberg this morning, and said that despite the weaker than expected June Nonfarm Payroll report, in which just 18,000 jobs were created, Buffett said he does not see signs of a double dip recession, and is betting against that. He did say, however, that the economy is well off from where it should be. "I would bet very heavily against that," Buffett said. "How fast the recovery will come I don't know, but I see nothing that indicates any kind of a double dip." Buffett predicted that we would see an unemployment rate of around 6% in a few years, and the jobs lost during the financial crisis and the "Great Recession" will come back. "We will come back big-time on employment when residential construction comes back," Buffett said. Buffett was attending the in Sun Valley conference hosted by Allen & Co.