Warren Buffett: Economy continues growing at moderate rate

OMAHA, Neb. - Billionaire Warren Buffett says the U.S. economy continues to improve steadily, and he doesn't think investors should be disappointed with 2 percent growth each year.

Buffett appeared on CNBC Monday after releasing his annual letter to Berkshire Hathaway shareholders over the weekend.

He says the growth is clear in reports he sees from Berkshire's more than 80 businesses, including BNSF railroad, See's Candy and the Berkshire Hathaway Home Services real estate brokerage.

Buffett says America has a "terrific economy" that has continued improving since the fall of 2009.

He reiterated his standard investing advice that most people would do best by regularly buying a stock market index fund over time instead of trying to pick individual stocks. He says most people don't have the time needed to become investing experts.