Wells Fargo has shuttered an office in Milwaukee that offered home lending services, which will eliminate 1,000 jobs for reasons that indicate that this is a good sign for the U.S. economy overall.

The megabank said that it was closing the office because fewer homeowners are falling behind on payments, and therefore not as many need help in keeping their homes, according to an Associated Press report.

Employees who worked there were charged with assisting homeowners who had fallen behind on their loans, but now that the economy has improved, Wells Fargo said in a statement that in the last two years, fewer customers have needed assistance and therefore not as many workers were needed, although the bank pledged to continue to provide such services to borrowers.

The office will close in late July, and employees will be alerted to other job opportunities within Wells Fargo.

The office is actually one of the smaller loan servicing sites for the giant bank, and 48,000 people alone work in the home lending business out of about 265,000 employees total of the San Francisco-based bank.

More than 5 million jobs have been added nationwide in the last two years and the U.S. economy has picked up steam, growing in seven of the last eight quarters spanning 2013 and 2014. Growth has slowed in 2015, but analysts widely believe that the economy is in much better shape ever since being ravaged by the recession in 2008 — a recession mostly driven by a crash in the home lending market.

Shares in Wells Fargo declined 51 cents yesterday to close at $54.84. They are up 12 percent over the last 12 months.