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Buffett: Economy Improves On Manufacturing Recovery

Mon, 05/03/2010 - 6:25am
Manufacturing.net

OMAHA, Nebraska (AP) -- Billionaire Warren Buffett says the American economy is definitely improving with most signs of life coming in manufacturing businesses.

Berkshire Hathaway\'s CEO met with reporters Sunday, a day after his annual shareholder meeting drew about 37,000 people.

Buffett says Berkshire subsidiaries like its Marmon manufacturing conglomerate and Iscar tool making company have improved sales, and there has been some increase in luxury goods sales at Berkshire\'s Borsheims and Helzberg jewelers.

But he says the housing market has yet to improve significantly because of excess inventory.

Buffett says several of Berkshire\'s roughly 80 subsidiaries have started hiring workers, so he\'s confident the unemployment rate will improve. But he admits the hiring is slow so far.

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