Posted on 06/01/2009 4:29:07 PM PDT by SwinneySwitch
MEXICO CITY — Money sent home by Mexicans living abroad plunged in April by more than 18 percent compared to the same period last year, the biggest monthly decline on record, the central bank said Monday.
April remittances fell to $1.78 billion from $2.19 billion, according to the bank. It said the U.S. recession has hurt migrants in the United States, while fewer Mexicans are heading north because of a lack of jobs and a crackdown on illegal immigration.
Year-to-year remittance figures started dropping last year for the first time since the bank started tracking the money in 1996.
Mexico's second largest legal source of foreign income after oil, remittances plunged 3.6 percent to $25 billion in 2008 compared to $26 billion in 2007.
Remittances for the first four months of 2009 have dropped more than 8 percent to $7.2 billion from $7.9 billion for the same period last year.
Migrants worldwide are sending less money to their homelands because of the global economic downturn.
Mexico is the world's third largest receptor of remittances, after India and China. Nearly 12 million Mexicans live in the United States.
Also Monday, the central bank released the results of its survey of 31 private financial consulting firms. It showed a grim outlook for the Mexican economy, already in recession.
The group forecast the economy will contract by 5.8 percent — much worse than the government's prediction of 4.1 percent and the bank's of 4.8.
(Excerpt) Read more at chron.com ...
Can someone fax me a crying towel?
Well, more or less legal, anyway. Except for those 20 million illegals, or however many there are.
Silver lining ping!
If you want on, or off this S. Texas/Mexico ping list, please FReepMail me.
“Mexico’s second largest legal source of foreign income...” Don’t you mean illegally earned foreign income?
that's just the number in California
Calif population, 2008: 36,756,666; Hispanic/Latino: 36.2%
I am broken hearted over this news.
Will somebody please give me a hug.
goodbye Mexicans, hasta la vista baby, we have no more jobs here for you in the US because we have a president who is a fascist you shoulda’ thought about this before you decided to send your illegal selves here and set up camp......... buh-bye!
goodbye Mexicans, hasta la vista baby, we have no more jobs here for you in the US because we have a president who is a fascist you shoulda’ thought about this before you decided to send your illegal selves here and set up camp......... buh-bye! i’m not feeling sorry for you ..........
I sure wish remittances were down due to the illegals going home. But my guess this is minimal. They are making less so sending less home plus by now many have learned how to suck off the medicaid and welfare systems via anchor babies
Just look at 0bomo’s illegal alien Aunt Zietuni living in public housing
This is bigger than that, it calls for a group hug!
“Mexico’s second largest legal source of foreign income after oil”
Largest exports:
—second: oil
—first: Mexicans
Drugs are still #1.
Are you saying there is not one Hispanic American in the entire state of California.
When my wife sees that, she will buy it. LOL
LOL Now I feel better.
Oh, good! :)
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