Remittances boost shows US economy is picking up
- Details
- Published on Friday, 06 July 2012 11:31
- Written by GR Staff
Remittances sent from Mexicans living abroad in the month of May rose by 7.8 percent to 2.3 billion dollars, the highest figure since October 2008.
The increase was due to Mother’s Day, the slow but steady recovery of employment for Mexican immigrants in the United States and the depreciation of the peso, experts from BBVA Bancomer explained.
In total, remittances amounted to 9.7 billion dollars in the first five months of 2012, up 6.5 percent on the same period last year.
Private surveys show U.S. businesses increased hiring in June, suggesting the job market could be recovering after three sluggish months. Home construction is near a three-year high.
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