The Energy Select Sector SPDR ETF (XLE) opened lower on Friday and continued its decline during the trading session on Friday, while the Utilities Select Sector SPDR ETF (XLU) was gaining following the October jobs report.
Non-farm payroll employment increased by 161,000 in October, with minimal change in the unemployment rate at 4.9%, according to the Bureau of Labor Statistics. Employment in construction, manufacturing, wholesale trade, retail trade, among others, saw little change over the month.
In fact, as companies flock to the oil-rich Permian Basin in Texas, the state's employment numbers are some of the best in the nation. According to the latest Regional and State Employment and Unemployment Summary report, Texas had the third largest non-farm payroll employment gains for September with an increase of 206,800.
But as the jobs move South, states like Wyoming, where the oil jobs were once abundant, are now seeing "significant" unemployment rate increases. The Bureau reports that Wyoming and Oklahoma had a 1% unemployment rate increase, representing the largest change year over year. Wyoming was also the only state to experience a significant decline in employment over-the-year with a loss of 9,200 jobs, or a decline of 3.2%.