OMAHA, Neb. - The recent drop in consumer spending and the resulting pressure on retailing, manufacturing and services industries could last "quite a long time," Berkshire Hathaway Chairman Warren Buffett said Saturday.
"I think our retail businesses will not do well for some time" as U.S. consumers save more, Buffett told investors at the company's annual shareholders meeting. "I would not look for any quick rebound in retail, manufacturing and services businesses."
Buffett is well placed to gauge the health of the economy because Berkshire owns 67 non-insurance operating companies and many of these businesses are in economically sensitive industries such as retailing, manufacturing and real estate. More at MarketWatch.com.
view original article