For the 10th month in a row, the size of the nation’s mortgage workforce has expanded. Healthy job growth was reported for all industries.
In January, the U.S. unemployment rate came in at 4.8 percent, according to data released Friday by the Bureau of Labor Statistics.
Although the unemployment rate moved higher compared to 4.7 percent the previous month, it was down from 4.9 percent in January 2016.
Nonfarm payroll employment increased by 227,000 jobs last month. Employment growth accelerated from an upwardly revised 157,000 in December 2016 but was off from an upwardly revised 239,000 in January 2016.
January 2017’s labor force participation rate
inched up to 62.9 percent from 62.7 percent a month earlier and a year earlier.
“The initial release of jobs data for 2017 showed mixed results,” National Association of Federally Insured Credit Unions Chief Economist Curt Long said in a written statement. “The headline figure for job growth impressed at 227,000 and labor force participation improved, as well. But wage growth declined to just 2.5 percent despite the increase in minimum wage laws in January across numerous states. The lack of wage growth suggests further room for tightening in the labor market.
“So long as that remains true, and with inflation still below target, the Fed will be content to hold off on further interest rate hikes.”
Non-bank mortgage jobs, which the BLS reports on a one-month delay, totaled 334,300 in December 2016. Mortgage employment expanded from an upwardly revised 331,300 the previous month and an upwardly revised 307,800 a year previous.
Revised employment data under the Donald J. Trump administration indicate that mortgage jobs have increased each month since February 2016, when the total was an upwardly revised 305,200.
However, the growth in mortgage staffing is likely to reverse this year as mortgage firms align their headcount with a projected drop in originations as refinances plummet on rising interest rates.
Mortgage jobs during the final month of last year were comprised of 240,500 “real estate credit” jobs and 93,800 “mortgage and nonmortgage loan brokers.”
A Mortgage Daily analysis of BLS data and mortgage origination share data indicates that estimated total mortgage industry employment — including jobs at financial institutions — totaled 697,700 as of December 2016. The estimated total grew from an upwardly revised 691,400
one month earlier and a downwardly revised 640,600 one year earlier.
The latest estimated mortgage total was comprised of
301,700 mortgage jobs at banks, 61,700 positions at credit unions and the 334,300 non-bank employees reported by the BLS.
