Gross Says U.S. Economy Suffering From ’Structural’ Unemployment

Bill Gross, manager of the world’s largest mutual fund, said U.S. unemployment is now a structural, and not cyclical, problem stemming from technology advances and the lack of retraining.

“Jobs are being structurally destroyed,” Gross said in an interview today with Ken Prewitt and Tom Keene on Bloomberg Radio’s “Bloomberg Surveillance.” Employment figures released today reflect “the inability of the U.S. economy to provide jobs.”