Warren Buffett says that, while the near-term may not be easy sailing, the low point of the economic downturn has passed, The Wall Street Journal reports.

Buffett, who made his comments at a gathering of payments industry executives, said that “enormous” progress has been made in the past year. The Journal also reports that Buffett was more cautious regarding unemployment rates, however. He said companies must be convinced that demand exists before hiring, which may take some time.

Buffett expresses similar sentiments in this interview with Business Wire, which is co-hosting the payments industry conference. He says that it will be a while before U.S. consumer spending rises, given the shock many went through last year. But he said that over the long run, the U.S. will recovery and prosper. “The country works. You don’t have to worry about that,” he says.

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