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Pimco Chief: Jobs Numbers Good, but More Needed

Friday, 05 Nov 2010 09:48 AM

The U.S. jobs report is "good overall," but the markets will need to see higher numbers for several months to overcome stubbornly elevated unemployment, Mohamed El-Erian, the co-chief investment officer of PIMCO, said on Friday.
 
After months of painful losses, the economy added 151,000 jobs in October, exceeding all estimates in a Reuters survey of economists, Labor Department figures showed on Friday.
 
El-Erian, who helps oversee more than $1.1 trillion at Pacific Investment Management Company, said in an email to Reuters: "We need to see this (figure) and higher numbers for several months to overcome the critical issue of stubbornly high unemployment that is becoming increasingly structural in nature."

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The U.S. jobs report is good overall, but the markets will need to see higher numbers for several months to overcome stubbornly elevated unemployment, Mohamed El-Erian, the co-chief investment officer of PIMCO, said on Friday. After months of painful losses, the economy...
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2010-48-05
Friday, 05 Nov 2010 09:48 AM
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