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Buffett says economy is feeling strong: 'If we're in the sixth inning, we have our sluggers coming to bat'
Thomas Franck | @tomwfranck
Published Updated Moments Ago
CNBC.com
Warren Buffett and Jamie Dimon cited several aspects of the economy as reasons for optimism.
"Right now, there's no question: it's feeling strong. I mean, if we're in the sixth inning, we have our sluggers coming to bat right now," Buffett said.
"The way I look at it, there is nothing that is a real pothole," Dimon added. "If you look at how the table's set, consumers are in very good shape."
Warren Buffett
David A. Grogan | CNBC
Warren Buffett
Berkshire Hathaway chairman Warren Buffett and J.P. Morgan Chase chief executive Jamie Dimon both believe that the U.S. economy is in rare form and could continue to prove strong for years to come.
In an exclusive joint interview with CNBC's Becky Quick, Dimon and Buffett cited several aspects of the economy as reasons for optimism.
"Right now, there's no question: it's feeling strong. I mean, if we're in the sixth inning, we have our sluggers coming to bat right now," Buffett told CNBC's Squawk Box in the interview airing Thursday.
"I'm no good at predicting out two or three or five years from now, although I will say this: there's no question in my mind that America's going to be far ahead of where we are now 10, 20 and 30 years from now," the 87-year-old billionaire added. "But right now, business is good. There's no question about it."
But Buffett added that a strong economy doesn't necessarily mean it's a good time to buy stocks.
"The decision on the stock market should be made independent of the current business outlook," Buffett said. "I don't think you should buy stocks based on what you think the next six months or year is going to bring."
For his part, Dimon — who's led J.P. Morgan as its CEO since 2005 — echoed Buffett's positive comments on the state of economic growth, saying that the current uptrend in business could last a number of years.
"The way I look at it, there is nothing that is a real pothole," the bank chief said. "Business sentiment is almost at the highest level it's ever been, consumer sentiment is at its highest levels, markets are wide open, housing's in short supply and my guess is mortgage credit will expand a little bit."
The unemployment rate fell to an 18-year low of 3.8 percent, according to figures released Friday. Second-quarter growth may reach 4.5 percent, according to the Atlanta Fed's GDPNow tracker.
Source: U.S. Bureau of Labor Statistics, FRED, Federal Reserve Bank of St. Louis
"If you look at how the table's set, consumers are in very good shape," Dimon added. "Their balance sheet, their incomes, wages are going up, their debt levels are low, all the credit written since the Great Recession is pristine, whether it's mortgage credit – other than student lending, which is done by the government – but it's mortgage credit, small business credit, large corporate credit."
"So," he concluded. "It looks pretty good."