Warren Buffett predicts the United States will "create more jobs this year than we did last year."
During his live appearance this morning on CNBC's Squawk Box, Buffett said productivity gains had been allowing businesses to increase output without adding jobs. Now, that "period is largely over."
According to Buffett:
"I think the gains in business will be much more reflected by gains in employment going from this point forward than they have been in the first year and a half or two years of this recovery."
Buffett told our Becky Quick that while he doesn't know how quickly the labor market will recover, "I would guess that by close to the election of 2012 that (the) unemployment (rate) would be probably in the low 7s."
About a month ago, the Labor Department reported that only 36,000 jobs were added to the economy during January, but the unemployment rate had dropped to 9 percent from 9.4 percent.
February's jobs report is scheduled to be released this coming Friday.
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