Even though U.S. job growth has accelerated, it still was less than investors were hoping for. Monthly mortgage industry staffing was mildly lower but could have been worse were it not for brokers.
U.S. employers among all industries added 192,000 people to their nonfarm payrolls in March. That was a better showing than the 175,000 jobs added in the previous report.
The data is provided by the Bureau of Labor Statistics, a division of the Department of Labor.
While the news had little impact on stocks, the price of the 10-year Treasury bond was up 16/32 in early trading. Yields move lower when Treasury prices rise.
Bond market activity suggests investors had anticipated a better showing and now expect the Federal Reserve to ease the pace of tapering bond investments.
Job growth has improved markedly since March 2013, when nonfarm payrolls were up only 88,000.
The 6.7 percent U.S. unemployment rate was the same as in February.
For the mortgage business, the BLS reports data on a one-month lag.
In February, mortgage industry headcount was 283,700.
That was slightly fewer people than the revised 284,900 in January and the revised 297,700 in March 2013.
While BLS figures exclude mortgage jobs in other industries such as banking, they do include employees classified as “real estate credit.” The most recent report had this category falling to 212,100 from 214,000 in January.
“Real estate credit” staffing was at 223,100 in February 2013, revised up from 209,900 originally reported.
“Mortgage and nonmortgage loan brokers” made up another 71,600 of the February 2014 total, rising from 70,900 the previous month. The BLS revised down January’s broker total from 71,700 originally reported.
Broker headcount was 74,600 one year earlier, revised down from 76,900 in the original report.
