U.S. employers added more jobs last month than any month this year — sending bond yields soaring. The strong results spilled over into mortgage employment.
In May, total nonfarm payroll employment grew by a solid 280,000 jobs, more than the 221,000 jobs added a month earlier. The April number was originally reported at a 223,000 gain.
Last month’s increase was also stronger than in May 2014, when 236,000 jobs were added. The year-earlier figure was revised up from 217,000 originally reported.
Historical data from the Bureau of Labor Statistics, which reports employment data monthly, indicate that monthly U.S. job gains were at the highest level since December 2014, when an astounding 329,000 jobs were added.
The solid data had 10-year Treasury prices plunging 31/32 in early trading. Bond yields move higher when prices decline.
The unemployment rate ticked up to 5.5 percent last month from
5.4 percent in April but was well below the 6.3 reported for May 2014, according to the BLS.
Non-bank employment in just the mortgage industry, which is reported on a one-month lag, came in at 286,300 for April.
Mortgage jobs expanded from a month earlier, when the total was 284,500.
The sector also grew from a year earlier, when headcount stood at 278,900. April 2014’s mortgage total was revised down from 279,000 in the original report.
Included in the April 2015 mortgage jobs total were
212,100 jobs classified as “real estate credit.” This category inched up from 211,400 the prior month and grew from 204,300 in the same month the prior year.
Also factored into the latest total were 74,200 “mortgage and nonmortgage loan brokers,” more than 73,100 in March and also better than 69,200 in April 2014.
Including mortgage jobs at both banks and non-banks, Mortgage Daily estimates that there were
roughly 574,200 people working in real estate finance during April 2015.
Industry-wide employment, which is based on an analysis of market share and BLS data, increased from an estimated 570,600 jobs in March and an estimated 589,800 in April 2014.
The most-recent mortgage total reflected an estimated 226,800 jobs at banks, 61,100 positions at credit unions and 286,300 employees at non-banks.
