NEW YORK (Reuters) - Mohamed El-Erian, the chief executive of bond giant Pacific Investment Management Co., or Pimco, said the 533,000 drop in payrolls in November points to a contraction of gross domestic product of 4 or 5 percent in the fourth quarter.
"A very sharp drop in the GDP growth rate to negative 4 or 5 percent for this quarter is now definitely on the cards," El-Erian told Reuters on Friday. "This morning's disturbing numbers are another vivid illustration of the mounting pressures facing the U.S. economy."
(Reporting by Jennifer Ablan; Editing by Kenneth Barry)
