While monthly job gains were weak among all U.S. industries, employment in the mortgage sector was stronger for the third month in a row.
In August, total nonfarm payroll employment increased by just 142,000 jobs — the weakest showing since January, when only 113,000 jobs were added.
U.S. jobs added during July totaled 209,000, while there were 169,000 jobs were added in August of last year.
The employment data was released Friday by the Bureau of Labor Statistics.
The unemployment rate improved to 6.1 percent last month from 6.2 percent in July and 7.4 percent in August 2013.
In just the real estate finance sector. which the bureau reports on a one-month lag, there were 286,300 non-bank employees in July.
Mortgage jobs jumped from a month earlier, when headcount was 282,900. The total was revised up from 282,200 originally reported.
Headcount in the home lending business has expanded each month since April, when the number was 278,900.
But staffing in the sector has softened from 307,200 a year earlier. The July 2013 total was revised up from 295,300 originally reported.
One of two components that make up mortgage employment, employees classified as “real estate credit,” swelled to 214,200 from June’s 211,400 but have thinned from 229,100 in July 2013.
“Mortgage and nonmortgage loan brokers” accounted for another 72,100 of July’s mortgage total, more than the prior month’s 71,500 but down from 78,100 a year prior.
Based on an analysis of BLS data and the share of mortgage production for banks, credit unions and non-bank mortgage firms — Mortgage Daily estimates that total mortgage industry employment was 722,908 in July.
