While the market is still digesting mixed monthly data on employment among all industries, mortgage brokers pushed up jobs in home lending.
U.S. nonfarm employers added 211,000 jobs during April, according to data released on Friday from the Bureau of Labor Statistics.
Job growth accelerated compared to the preceding month, when a downwardly revised 79,000 nonfarm positions were added.
Labor conditions also improved from April 2016, when nonfarm
payroll employment grew by a downwardly revised 153,000.
Last month’s unemployment rate was 4.4 percent — the lowest rate since May 2007 when it was also a downwardly revised 4.4 percent.
The participation rate diminished, to 62.9 percent in April 2017 from 63.0 percent the prior month.
National Association of Federally Insured Credit Unions Chief Economist Curt Long weighed in on the report.
“The April jobs report showed mixed results, as strong job growth was offset by a decline in labor force participation and wage growth,” Long said in a written statement. “This should ease fears of an abrupt decline in the labor market brought on by last month’s weak report but reaffirms the longer-term trend of a gradual slowing in job creation. Despite ongoing questions over muted wage growth, the Fed is likely to be heartened by the report and a rate hike in June is more likely than not.”
Employment for only the mortgage industry, which the BLS reports on a one-month lag, totaled
333,400 non-bank jobs in March.
The real estate finance sector expanded from February, when the total was 331,700. Mortgage employment was also up from an upwardly revised 307,500 in March 2016.
March 2017’s mortgage jobs included
238,900 positions classified as “real estate credit,” fewer than the previous month’s 239,200. Real estate credit jobs have declined two consecutive months.
But “mortgage and nonmortgage loan brokers” increased to 94,500 from 92,500 in February. It was the second month in a row that broker jobs expanded.
Based on an analysis of BLS and origination market share data, Mortgage Daily estimates that overall mortgage employment — including positions at financial institutions — was 740,000 as of March 2017.
Estimated industry headcount increased from 736,000 a month earlier and an upwardly revised 644,000 a year earlier.
The most-recent staffing number consisted of
an estimated 338,000 mortgage jobs at banks, 68,400 home-lending positions at credit unions and the 333,400 non-bank jobs reported by the BLS.
