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Bill Gross Says Friday's Jobs Report Isn't 'Hunky-Dory'

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Bill Gross Says Friday's Jobs Report Isn't 'Hunky-Dory'

Bill Gross, the notable bond investor, thinks Friday's U.S. jobs report isn't as "hunky-dory" as it may seem.

Speaking to Bloomberg Television on Friday, Gross noted that while Friday's job report showed that employers added 287,000 jobs, the jobless rate also rose one-fifth of a percentage point to 4.9 percent, while wage growth of 0.1 percent was a disappointment as a 0.2 percent growth was expected.

"I think things are not as hunky-dory as 287,000 might suggest," Gross said.

Related Link: What Does The Blowout June Jobs Report Mean For Investors?

Gross added that while the economy may have produced more jobs than expected in June, the number of jobs gained amount to around 150,000 per month, which is "nothing to get excited about."

Gross continued and suggested that the Federal Reserve is "very obsessed and concerned" with global markets so the latest jobs report is unlikely to change the ongoing view that a rate hike is off the table for the time being.

Gross cited to many uncertainties in the global market, including the "Brexit" vote fallout, problems with Italian banks and an overall sense of illiquidity in the global market.

"I think the Fed stays where it is," he said while adding that the jobs report "doesn't change much."

Posted-In: Bill Gross fed rates Federal Reserve Jobs DataEcon #s Top Stories Economics Media Best of Benzinga

 

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