Money sent home by Mexicans in US drops 12 percent

AP on Yahoo ^ | 10/1/08 | Traci Carl - ap

[NormsRevenge]

MEXICO CITY - Mexicans living in the U.S. sent home 12 percent less money in August, the largest drop on record since the Bank of Mexico began tracking remittances 12 years ago, the central bank reported on Wednesday.

Remittances began dropping early this year, economically stranding many small towns and neighborhoods that live off the stipends. The Bank of Mexico said remittances will likely continue to fall in the coming months because of the "difficult problems the U.S. economy faces."

The bank said remittances in August dropped 12 percent to US$1.9 billion. That compares to US$2.2 billion in August 2007.

[Ancient Drive]

that’s 1.9 Billion too many..

[gubamyster]

ping

[End Times Sentinel]

"Number of Mexicans in the U.S. drops 12%"

Now that'd be a headline.

Owl_Eagle

“When the stock market crashed,
Franklin Roosevelt got on the television
and didn’t just talk about
the princes of greed, he said,
‘Look, here’s what happened.’

[DonaldC]

I read once that the second only to oil was the “industry”, so-so-speak of Mexicans sending money back into Mexico from abroad, namely the U.S.

[DRey]

Well there’s a drop of fair news today in a sea of devastation.

[Licensed-To-Carry]

You’ll forgive me if I don’t shed any tears...

[cripplecreek]

Remittances began dropping early this year, economically stranding many small towns and neighborhoods that live off the stipends.

Kinda like living on welfare. If it dries up you're screwed.

[mlocher]

I guess there really is a credit crisis!

[roaddog727]

Boo hoo hoo.

Mexico’s biggest GDP component is from Transfer payments made by mexicans living in the US and sending it back home to MExico.

Sad state of affairs, that.....

[hunter112]

And this is during harvest season for many crops. Wait until late November, when the only crop being harvested is Christmas trees. Surely, the higher prices of produce caused by the increase in fuel prices has hurt sales, and that has hurt agriculture.

High fuel prices impact tourism as well, less job for motel housekeepers, etc.

[Secret Agent Man]

Excellent. Any stats on how many illegals have either been sent home, or decided to leave on their own?

Let’s keep pushing this number down. WHooo-HOOO.

[MarineBrat]

In a fair world, Mexico would cut back on the amount of felons and 3rd world disease they send to us.

[PUGACHEV]

It’s a marvel that so much is still being sent. Separated from their home by thousands of miles, and living in a culture that exhaults self-indulgence, a sense of duty and obligation to their family remains strong.

[gitmogrunt]

Seize it, or Tax it.

[Oldeconomybuyer]

Good. Only 88% more to go.