Midwest, smaller businesses shed jobs
The private sector shed 32,000 jobs in September, according to payroll management firm ADP, which worked with Stanford University’s Digital Economy Lab to compile the data.
The jobs report is based on weekly payroll information of more than 26 million U.S. workers, ADP said Wednesday.
The U.S. Bureau of Labor Statistics was scheduled to release a monthly jobs report on Friday, covering both private and public sector workers, but it is unlikely to be released on time while the federal government shutdown continues.
"This month's release further validates what we've been seeing in the labor market, that U.S. employers have been cautious with hiring," ADP chief economist Nela Richardson said in a statement.
The largest number of positions cut, 19,000, was in the leisure and hospitality sector. Another 13,000 jobs were lost in business and professional services. The biggest increase in jobs in September was in education and health services, a gain of 33,000. From a regional standpoint, the Northeast gained 21,000 jobs, the West, 15,000, and the South, 3,000. But the Midwest lost 63,000 jobs.
The job losses across the U.S. were concentrated among smaller businesses, ADP said, while companies with 500 or more workers gained 33,000 positions.
Women homebuyers trail men in loan applications
Women who seek to buy houses as individuals are less likely than their male counterparts to have their mortgage applications accepted, according to a report Monday by online lending marketplace LendingTree.
Single women own 13% of owner-occupied homes, while single men own just under 10%, LendingTree said. Yet when individual women apply for a mortgage, they are nearly 30% more likely than men to be turned down. This gender gap exists in most states; men are more likely than women to be denied a loan in Alaska, Hawaii, Vermont, Maine, Rhode Island and in Washington, D.C.
The analysis was based on federal government home mortgage disclosure data for 2024. Applicants were classified as single if they did not have a co-borrower.
Women are also less likely to apply for a mortgage than men, according to the report. Income plays a central role in these disparities, LendingTree consumer finance analyst Matt Schulz said.
“Women tend to have smaller incomes than men, and that can create homebuying challenges,” he said. “While income doesn’t factor into your credit score, it massively affects your debt-to-income ratio, your ability to save for a down payment and your comfort level with a long-term financial commitment like buying a house.”
Rocket completes Mr. Cooper acquisition
Detroit-based Rocket Cos. said Wednesday that it had wrapped up its acquisition of mortgage servicing firm Mr. Cooper in a deal worth more than $14 billion.
Mr. Cooper will be re-branded under the Rocket umbrella, the parent firm said in a statement, giving it a client base of nearly 10 million homeowners. The transaction fits with Rocket’s strategy to bring multiple aspects of the homebuying process under one roof. The company also finished its acquisition of online brokerage Redfin in July.
Jay Bray, Mr. Cooper’s chief executive officer, will have the same title as head of Rocket Mortgage, a subsidiary of the parent business, according to the statement.
“By integrating Mr. Cooper's servicing strength with Rocket's origination capabilities … and established strong national brand, our goal is to lower costs and make the process easier,” Rocket CEO Varun Krishna said.