Gross Says Slow Wage Growth Outweighs Jobs for Fed Policy

Pacific Investment Management Co.’s Bill Gross said wage growth that is keeping inflation below the Federal Reserve’s target will keep the central bank on course for slow and below-average interest-rate rises.

A government report showed U.S. employers added 288,000 workers in June, exceeding forecasts, and the unemployment rate fell to an almost six-year low of 6.1 percent. Average hourly earnings rose by 0.2 percent for a second month and increased 2 percent during the past 12 months, which compared with an annualized rate of 2.1 percent last month.