Buffett says his businesses bottomed

NEW YORK (Reuters) - Billionaire Warren Buffett said that while his businesses have bottomed after the worst financial crisis in decades, he saw few upticks and ruled out a buoyant holiday season.

Consumer demand will recover and it is likely that the economy would come back in two years rather than in one, Buffett said during an interview with Charlie Rose.

"Our businesses, they've bottomed ... (there are) very few upticks," said Buffett, the world's second richest man, in response to Rose's question about whether the "economic panic" is over.

Last month, preliminary government data showed the U.S. economy expanded in the third quarter, the first three-month period of growth since the second quarter of 2008.

Nonetheless, the U.S. unemployment rate last month reached 10.2 percent, the first double-digit reading in 26 years.

Buffett last week made a big bet on the U.S. economy when his Berkshire Hathaway Inc agreed to pay about $26.4 billion for the 77 percent of railroad company Burlington Northern Santa Fe Corp that it did not already own.

Buffett, perhaps the world's most admired investor, estimated the U.S. dollar will depreciate as the U.S. government prints more dollars.

"The question is how much it depreciates in value," said Buffett, 79.

The dollar has declined around 15 percent against a basket of six major currencies .DXY> from the highs set in March and is down more than 37 percent from a peak in 2001.