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7,500 Jobs Slashed From Mortgage Industry


7,500 Jobs Slashed From Mortgage Industry

Bureau of Labor Statistics releases November numbers

January 9, 2004

By staff

The number of employees working in mortgage-related jobs sunk by 7,500, according to a recent government employment report.

The Bureau of Labor Statistics reported that the non-seasonally adjusted number of people employed in mortgage-related jobs totaled 409,600 in November, down from October’s revised figure of 417,100. But, there were less employees in the sector a year ago — when the total stood at 380,600.

The numbers are reported about 30 days following the end of each month by the Bureau, which is a division of the U.S. Department of Labor.

The total consists of 112,700 loan brokers, both mortgage and nonmortgage, and 296,900 people working in Real Estate Credit, said the Bureau.

Furthermore, the Bureau said the unemployment rate in December was 5.7%, or 8.4 million people, which is down a notch from the prior month’s 5.9%. The rate has been on a downward trend since reaching a 6.3% peak in June.

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