Buffett says US economy still inching ahead

AP News
Posted: Oct 24, 2012 8:03 AM
Buffett says US economy still inching ahead

OMAHA, Neb. (AP) — Billionaire investor Warren Buffett says the global economy is definitely slowing because of continued problems in Europe and the decline in Asia, but the U.S. economy is still improving modestly.

Buffett said during an interview on CNBC Wednesday that the U.S. economy is doing better than Europe and Asian economies are declining sharply.

The head of Berkshire Hathaway says he gets a sense of the economy's direction from reports he gets from subsidiaries of the Omaha-based conglomerate. Its holdings include the BNSF railroad, Clayton Homes and a large real estate brokerage.

Buffett says the U.S. housing industry is starting to rebound. Buffett says Clayton is selling 10 percent to 15 percent more manufactured homes and Berkshire's real estate brokers are handling 15 percent more transactions.

He says the housing recovery will help hiring eventually.