Nonbank Mortgage Employment Declines After Natural Disasters
Nonbank mortgage employment too a plunge in September according to the Bureau of Labor Statistics. There hasn't been a drop this large in 2017 since January. Though, what could have been the cause for this decrease?
Experts are pointing towards the hurricanes that rocked the U.S. and the Caribbean. Hurricane Harvey and Irma both caused a stall in firing during the month of September, causing a significant decline in jobs.
"There were 342,100 people employed by independent mortgage bankers and mortgage brokers during September, down from a revised 343,700 during August," according to National Mortgage News.
"Nonbank mortgage employment fell by a similar amount in January from December. The industry has added 17,500 jobs since September 2016."
The Bureaus of Labor Statistics' chart also showed a small decline from June to July of 2017, with a huge increase coming in August.
"The much-anticipated rebound in October nonfarm payrolls was less than market expectations, and even with the 90,000 upward revisions in the hurricane-affected months, the average monthly job gain for the last three months came in at 162,000 — a slowdown from the year-to-date monthly average gain through July of 171,000," said Fannie Mae Chief Economist Doug Duncan, a cording to the National Mortgage News report.
As areas begin to rebuild following the hurricanes, it remains unclear whether or not this declining trend will continue. For more on the state of nonbank mortgage employment, click on the image above.