The monthly number of non-bank mortgage jobs grew by nearly 5,000, and a weak report on overall jobs is likely to keep interest rates competitive.
Nonfarm payroll employment expanded by 151,000 jobs during all of August, according to data from the Bureau of Labor Statistics released Friday.
The total was short of the roughly 175,000 expected by many and far less than the upwardly revised 275,000 jobs added during the previous month.
Job growth was little changed from the downwardly revised 150,000 positions added in the same month last year.
The BLS reported an unemployment rate of 4.9 percent, no different than in
July but better than 5.1 percent in August 2015.
At 62.8 percent in August 2016, the labor force participation rate was also unchanged from a month earlier and slightly above 62.6 percent a year earlier.
National Association of Federal Credit Unions Chief Economist Curt Long issued a statement indicating that the report fell short of expectations.
“Simply put, this report is not enough to compel the Fed to raise rates in September, and the focus will shift to December as the most likely date for the next rate hike,” Long stated.
In the mortgage sector, which is reported on a one-month lag,
there were 311,600 non-bank jobs as of July.
Mortgage jobs climbed from an downwardly revised 306,800 the prior month
and an upwardly revised 298,900 a year prior.
The latest mortgage total included 225,200
employees classified as “real estate credit,” rising from 222,400 in June and 218,100 in July 2015.
“Mortgage and nonmortgage loan brokers”
accounted for another 86,400 of the July 2016 figure, increasing from 84,400 the previous month and 80,800 a year previous.
Using the BLS data as well as origination market share data, Mortgage Daily estimates that including mortgage jobs at financial institutions — there were 652,300 people working in the mortgage industry during July.
Estimated mortgage industry headcount surged from 642,200 in June and 634,200 in July 2015.
The July 2016 estimate included
280,200 mortgage jobs at banks, 60,500 home lending employees at credit unions and the 311,600 non-bank jobs reported by the BLS.
