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Mexicans send home less money, bank reports

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JOURNAL WIRE REPORT

Published: September 2, 2008

MEXICO CITY -- The amount of money that Mexicans sent home suffered its sharpest drop on record in July as the U.S. economy slowed and the dollar fell, Mexico's central bank reported yesterday.

Remittances -- Mexico's second-largest legal source of foreign income after oil -- dropped by 6.9 percent in July compared with the year before. "This is the sharpest drop we have seen," said Jesus Cervantes, the director of economic measurement for Mexico's central bank.

Cervantes said that more than 20 percent of Mexican migrants work in construction in the United States, a sector hit particularly hard by the U.S. mortgage crisis.

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Mexicans send home less money, bank reports

JOURNAL WIRE REPORT