OMAHA, Neb. (AP) -- Billionaire Warren Buffett says the U.S. economy is essentially in a recession even if it hasn't met the technical definition of one yet.
Buffett said Monday in an interview with CNBC that the reports he gets from the retail businesses his holding company owns show a significant slowdown in purchases.
The chairman and CEO of Omaha-based Berkshire Hathaway says millions of people have also lost equity in their homes because home prices have dropped.
The technical definition of a recession most economists use is two consecutive quarters of negative growth in the nation's gross domestic product.
But Buffett says the economy is clearly in a recession "by any commonsense definition."
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