Bill Gross, manager of the world’s largest bond fund at Pacific Investment Management Co., said the Federal Reserve is unlikely to raise interest rates for several years with employment growing less than forecast.

The front end of the yield curve is the best segment for investors with the Fed on hold, Gross, said today in a radio interview on “Bloomberg Surveillance” with Tom Keene.

Employers added fewer jobs than forecast in November and the unemployment rate unexpectedly increased. Payrolls increased 39,000, less than the most pessimistic projection of economists surveyed by Bloomberg News, after a revised 172,000 increase the prior month, Labor Department figures showed today in Washington. The jobless rate rose to 9.8 percent, the highest since April, while hours worked and earnings stagnated.