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Rates Leap on Jobs Data

Mortgage employment down 800 jobs in May

July 5, 2013

By Mortgage Daily staff

The latest data on mortgage jobs was weak, with employment in the sector falling. But across all industries, employment expanded -- driving up already high rates.

Preliminary government data for May indicate that there were 292,200 people employed in the mortgage industry during May.

Jobs in real estate finance were up from a month earlier, when the total was an upwardly revised 293,000 people in the business.

The data, which was supplied by the Bureau of Labor Statistics, indicate that the industry has expanded from the same month last year, when a downwardly revised 264,800 mortgage employees were in place.

Contributing to the decline between April and May were JPMorgan Chase & Co., with 1,340 positions eliminated during the second quarter; Legacy Group Lending Inc., where 300 layoffs in Bellevue, Wash., occurred during May; and Homeward Residential Inc., which cut 185 jobs in Jacksonville, Fla., during the second quarter.

Included in the latest figures were 212,500 employees in "real estate credit," down from a revised 213,100 in April. During the same month in 2012, there were 198,100 people in this category.

Employees classified as "mortgage and nonmortgage loan brokers" accounted for 79,700 of mortgage jobs, off from the previous month's 79,900. In May 2012, the total was a revised 66,700.

The BLS, which is a division of the Department of Labor, reported that U.S. unemployment was 7.6 percent in June, the same as May.

But far more significant was total nonfarm payroll employment, which increased by 195,000 in June -- a strong showing.

The bond market was jolted by the jobs news, with the price of the 10-year Treasury note plummeting 1 19/32 in early trading. Bond yields move up as bond prices fall.

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