Billionaire Warren Buffett says that the US economy is in 'rare form' and predicts more growth in the years to come.

In an exclusive joint interview with CNBC's Squawkbox, Buffett and JP Morgan Chase CEO Jamie Dimon said they are optimistic about the economy for several reasons.

'Right now, there's no question: It's feeling strong,' the 87-year-old Berkshire Hathaway chairman, said.

'I mean, if we're in the sixth inning, we have our sluggers coming to bat right now,' Buffett added.

Berkshire Hathaway chairman Warren Buffett, 87, predicts more economic growth for the US in the years to come

Buffett, who has a net worth of $82.6billion, said that right now 'business is good'.

The two men's comments come as the unemployment rate fell to an 18-year low of 3.8 per cent.

Meanwhile, second-quarter growth is expected to reach 4.5 per cent, according to the Atlanta Fed's GDPNow tracker.

Buffett said that though he's 'no good at predicting out two or three or five years from now', he believes the US will be far ahead 10 to 30 years from now.

However for those interested in investing in stocks, Buffett warns that a strong economy isn't necessarily an indicator to buy stocks.

'The decision on the stock market should be made independent of the current business outlook,' he said.

'I don't think you should buy stocks based on what you think the next six months or year is going to bring.'

Meanwhile, Dimon shares the same feelings as Buffett in regards to the budding economy.

'The way I look at it, there is nothing that is a real pothole,' Dimon said. 'If you look at how the table's set, consumers are in very good shape.'