The Federal Reserve won’t raise interest rates in June after today’s lackluster U.S. payrolls report, according to Bill Gross.

“A number like this certainly cancels out June," said Gross in an interview on Bloomberg Television and Radio. “The number is so low they have got to take a pause."

Gross, who runs the $1.3 billion Janus Global Unconstrained Bond Fund, said it’s likely the Fed will increase rates in July.

Employers in May added the fewest number of workers in almost six years. The addition of 38,000 workers, the fewest since September 2010, followed a 123,000 advance in April that was smaller than previously estimated, a Labor Department report showed Friday.