US Job Market Growth Remains Uncertain: Gross

Despite the growing optimism surrounding the US job market, there is still cause for caution over where the jobs will come from, Bill Gross, Pimco's co-chief investment officer and founder, told CNBC Friday.

Nov. Jobs Report Much Better Than Expected

"There have been significant structural breaks in historical models centered around consumption, and finance and residential and commercial real estate, and many of those jobs are never coming back and that implies more than cyclical problems here," said Gross.

Payrolls fell 11,000 last month, pushing unemployment down to 10 percent from 10.2 percent, marking the best improvement since December 2007, according to the Bureau of Labor Statistics.

But despite the hopeful numbers, the financial crisis has left the future of job growth in flux, Gross said.

Gross also said he still expects unemployment to peak by mid-2010, but in order for significant improvement the private economy will need more direction in finding sectors where new jobs will be created.

Corporations are uncertain where to invest in the labor markets because they do not know where the future demand will come from, said Gross.