Mortgage companies continued to pare back their payrolls in August as lenders cut 2,800 full-time employees during the month, following 1,900 layoffs in July.
The U.S. Bureau of Labor Statistics reported Friday morning
that employment in the mortgage banker/broker sector fell to 234,400 full-timers in August from 237,200 the month prior. (The release of residential finance employment trails the national numbers by one month.)
Although mortgage rates remained low in August, it did not translate into higher home sales or refinancings as consumer confidence fell in the wake of a prolonged congressional fight over deficit reduction and dismal economic reports.
However, rates began to fall more dramatically in September, which could translate into stronger employment numbers next month.
Friday's national jobs report shows hiring at U.S. companies picked up in September and job creation in the two previous months were revised upward.
Total nonfarm payroll employment rose 103,000 in September and hiring in August has been revised upward to 57,000. The national unemployment was unchanged at 9.1%.
