Mortgage Industry Hiring Takes Breather in January

Published March 08, 2013, 11:15 a.m. EST

1 Min Read

Mortgage companies cut their payrolls by 2,000 full-time employees in January after hiring 2,700 in December, according to a new government report.

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The U.S. Bureau of Labor Statistics reported Friday morning that employment in the mortgage banking and brokerage sector fell to 287,100 in January, down from 289,100 in December.

Despite the slight cutback, employment in the mortgage sector is up over 11% from January 2012.

Meanwhile, Friday’s jobs report shows the U.S. economy created 236,000 new jobs in February, up from 119,000 in January.

The jobs report also shows a 48,000 jump in construction jobs in February. Since September, 151,000 construction jobs have been created.

The robust increase in construction hiring “confirms our view that, despite overall seesaw economic growth, the housing recovery will continue to gather strength this year,” said Fannie Mae chief economist Doug Duncan.

(There is a one-month lag in reporting mortgage employment data.)

Brian Collins

Reporter

Brian Collins covers the housing and mortgage market, including the Federal Housing Administration and the Department of Housing and Urban... Read full bio

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