While the economy has shown signs of life in the past several months, PIMCO’s Mohamed El-Erian still expects a “new normal” of subpar growth in the U.S. El-Erian tells Bloomberg that, while strong bounce-backs are typical in recoveries from crises that are cyclical in nature, they are not typical in recoveries from crises that are structural — and the latter applies to the current recovery.

[youtube=http://www.youtube.com/watch?v=3-OenWiHrZM]