Increase in Jobs in Real Estate Sector

(EMAILWIRE.COM, July 12, 2013 ) San Francisco, CA -- The latest data concerning mortgage jobs was sluggish and showed falling employment in the sector. However, employment expanded across all industries, which drove up already high rates.

Preliminary government data indicates that there were more than 292,000 people employed during May in the mortgage industry.

Similarly, roughly 293,000 people were employed in real estate finance, in which the jobs forecast increased from the previous month.

The data came from the Bureau of Labor Statistics and indicated that the industry had indeed expanded from the same time period last year when only 264,800 people were employed by the mortgage industry.

Several large companies cut jobs in the period between April and May. One of the largest sets of layoffs occurred at JPMorgan Chase & Company where 1,340 positions were eliminated in the second quarter. In Bellevue, Washington, the Legacy Group Lending Inc. laid off roughly 300 employees in May, and the Homeward Residential Inc. cut 185 jobs during the second quarter in Jacksonville, Florida.

Another industry that saw decreased growth was the real estate credit industry, in which 212,500 employees were reported. This was revised down from an estimated 213,100 in April, although it is doing much better than the same month in 2012, in which only 198,100 people were employed in this category.

In the category ?mortgage jobs,? 79,700 were classified as ?mortgage and non mortgage loan brokers,? which saw a 200 person decline when compared to the previous month.One division of the Department of Labor, the BLS, stated that U.S. unemployment was 7.6 in May and June.

Far more significant than the unemployment figures was the total nonfarm payroll employment, which increased by almost 200,000 in June.

The bond market was shocked by the jobs data and saw the price of the 10-year Treasury note plummet.

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Source: http://emailwire.com/release/127703-Increase-in-Jobs-in-Real-Estate-Sector.html

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