Gross: Economy to Stay Weak 'For a Number of Years'
The slide in employment is representative of what the U.S. economy faces for years to come, Pimco co-chief investment officer Bill Gross told CNBC.
A slow-growth scenario continues to play out as consumers who are losing their jobs or are in fear of facing unemployment cut spending and inhibit economic growth, said Gross, who helps manage the world's largest bond fund at Pacific Investment Management.
Gross: "Much like we saw with the Depression, attitudes change, and so consumers and investors will now become conservative savers as opposed to spenders. Spending as driven by asset appreciation in terms of houses ... that game stops, that game has stopped and we must now move in another direction."
