US companies added new jobs at a slightly lower rate than expected in September, according to this morning’s update form the Labor Department. Private payrolls increased by 167,000 last month, a touch below the consensus forecast. The moderate increase is below the 192,000 average gain for the past year, which suggests that today’s release will leave the crowd guessing about the timing of the next interest rate hike by the Federal Reserve. But while the latest report reflects a moderate increase at best, the year-over-year gain for private payrolls held steady at a healthy 1.9% rate for the fifth month in a row.
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The formerly high-flying utility sector has stumbled in recent weeks, shifting the leadership baton to the technology sector, based on a set of proxy ETFs. Expectations that the Federal Reserve could raise interest rates before the year is out is weighing on yield-sensitive utility stocks. Meantime, the tech sector continues to trade near record highs.
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