(FORTUNE Magazine) – When job growth disappointed yet again in July, many economists blamed record-high oil prices, ever-rising health-care costs, and uncertainty about the future. But buried in the monthly numbers was a fascinating statistic: Employment in "credit intermediation," which includes mortgage banking, was down 16,000 in July, one of the biggest drops of any industry. While much of the economy struggled in 2001 and 2002, low interest rates made the mortgage business boom. Our neighbors, our brothers-in-law, our favorite reality-show contestants all suddenly had jobs as mortgage brokers. While other sectors like manufacturing are hiring again--if cautiously--the impact of higher interest rates on the real estate industrial complex is one factor that's holding job growth back. --Justin Fox

Hardly Working New jobs created, in thousands.

2004

March 353 April 324 May 208 June 78 July 32