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Buffett also said he remains on the prowl for a big acquisition, having lost a sizable one in the last day or two, but that there is not a "high probability" of one soon.

Speaking on CNBC television, Buffett maintained his "enormous respect" for the efforts of Federal Reserve Chairman Ben Bernanke to move the economy forward.

He said improvement in the business environment is likely in future months to be reflected by a decline in the U.S. unemployment rate, probably to the low 7 percent range by the November 2012 elections from 9 percent now.

He said such gains suggest no need for more stimulus.

"In the end, I don't think we need more of that," he said.

Activity is probably "inching" ahead in most businesses at Berkshire and in much of the economy, while others are "moving forward" and others are "stuck," he said.

Housing remains a problem, and Buffett said it might take a year to have "sopped up the excess supply" of homes.

In contrast, he said Tuesday's purchase by Berkshire's NetJets unit of up to 120 aircraft from Canada's Bombardier Inc for a possible $6.7 billion based on list prices reflected expected higher demand for luxury business travel.

He also said he expects Berkshire's roughly 80 operating units to add at least 3,000 employees in 2011, after ending last year with 260,519.

Berkshire sells such things as Geico car insurance, Dairy Queen ice cream, Fruit of the Loom underwear, bricks and industrial parts.

"The economy is coming back," Buffett said.

"There is a resiliency to the American system," he added. "It does work. It sputters from time to time, it will sputter from time to time, but you don't want to get worried."

Buffett said the U.S. dollar will "become less important over time" as other economies grow faster.

He also fretted over a U.S. budget deficit equal to roughly 10 percent of gross domestic product, projecting "lots of inflation down the road" unless tough choices are made.