Nonbank mortgage jobs tank for second month
Nonbank mortgage payrolls declined for the second consecutive month, but with mass firings increasing towards the end of June. The mortgage industry employed a revised 423,000 people in June 2021. Mortgage industry data lags the broader jobs release by one month. Total nonfarm payroll employment increased by 528,000 in July, while the unemployment rate edged down to 3.5%. The Conference Board warned that while the U.S. employment picture is still buoyant. "Usually, hiring was still buoyante, it is in the face of slowing economic activity. The Conference board warned that the job picture is also buoyant, and hiring is likely to decelerate over the next few months.