(Bloomberg) -- Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest bond fund, said the pace of jobs gains last month remains in line with “new normal” growth that is below historic averages.

The payroll data “certainly explains the ‘new normal’ in terms of a 2 to 3% real growth rate,” Gross said in a radio interview on “Bloomberg Surveillance” with Tom Keene and Mike McKee. “The ‘new neutral’ is still up for grabs in terms of what it is and what it is going to be.”

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