Pimco's Bill Gross: Fed on Hold With Wage Growth Unchanged in July

Friday, 01 Aug 2014 10:11 AM

 

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Pacific Investment Management Co.’s Bill Gross said the Federal Reserve will remain accommodative with wage growth in the U.S. unchanged in July.

The Fed and other central banks “have to stay low for a long, long time,” Gross said during a radio interview on Bloomberg Surveillance with Tom Keene.

The U.S. added 209,000 jobs last month, following a 298,000 gain in June that was stronger than previously reported, figures from the Labor Department showed in Washington. The median forecast in a Bloomberg survey of economists called for a 230,000 increase. The jobless rate climbed to 6.2 percent from 6.1 percent in June as more people entered the labor force. Wages and hours were unchanged from June.

The $225 billion Total Return Fund managed by Gross has returned 3.2 percent this year, trailing 62 percent of peers, according to data compiled by Bloomberg.

© Copyright 2014 Bloomberg News. All rights reserved.

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