“May’s dismal jobs report, which showed the U.S. economy picked up a net 69,000 jobs, serves as fresh evidence the world’s major economies are slowing in tandem, says Mohamed El-Erian, CEO of Pimco, manager of the world’s largest bond fund.

The U.S., Europe and even once-hot emerging markets are cooling, while demand for safe-haven assets like U.S. and German government debt is soaring, meaning investors are parking their cash to ride out a pending downturn.

“The numbers also speak to a synchronized slowdown that is now taking hold of the global economy — a phenomenon that is being signaled by virtually every other data release out of Europe, the U.S. and emerging countries,” El-Erian writes in a CNBC guest blog.”

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