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Mortgage Employment Edges Lower

364,900 mortgage jobs in January

March 7, 2008

By MortgageDaily.com staff


A drop in the number of brokers pushed monthly mortgage employment lower.

In January, there were 364,900 people employed in the mortgage industry, according to data released today from the Bureau of Labor Statistics. Mortgage jobs were down from a revised 368,800 during December and way off from 475,500 a year earlier.

Employment in the mortgage sector has fallen every month since February 2007, when mortgage jobs stood at 491,300, according to the bureau, a division of the U.S. Department of labor.

"Mortgage and nonmortgage loan brokers" accounted for all of January's decline, falling to 111,700 from 115,800 in December, the data indicated. "Real estate credit" jobs actually increased by 200 positions to 253,200.

Last month, nonfarm payroll employment edged down by 63,000, the report said. Unemployment was 7.4 million people for 4.8 percent, down from 7.6 million people for 4.9 percent in January.


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