After this morning's horrendous jobs report, you can expect to hear the pundits screaming about a coming double dip. Indeed, the data doesn't look pretty. Consumer spending has been off for the past couple of months, and now we learn that job growth was virtually flat two months straight. But there's at least one pretty savvy market watcher who has shrugged off the possibility of double dip: Warren Buffett.
Andrew Frye reports on Buffett's recent comments for Bloomberg:
"I would bet very heavily against that," Buffett told Bloomberg Television's Betty Liu on the "In the Loop" program today after data showed slowing U.S. job growth. "How fast the recovery will come, I don't know. I see nothing that indicates any kind of a double dip."
Of course, he doesn't deny that the recovery is currently suck in neutral -- he just doesn't see it shifting into reverse. In fact, he isn't even asserting that the recovery will continue to be painfully slow. At this point, however, it's hard to imagine a best case scenario much better than several years of relatively weak job growth where the nation doesn't reach full employment until the second part of the decade.
Read the full article at Bloomberg.