Sure, payrolls disappointed on Friday, but the Federal Reserve should still raise rates at its December meeting, Rick Rieder, chief investment officer of fundamental fixed income at BlackRock, told Barron's Friday.

"The employment number was disappointing relative to the trend," he said. But slowing job growth should be expected after three years of economic recovery. "We've created more jobs in the last two-and-a-half years than in the prior 13 combined," he said.

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