Mexico: Remittances rebound further in June despite sluggish U.S. jobs market
August 3, 2020
Remittances totaled USD 3.5 billion in June (May: USD 3.4 billion), representing a 11.1% jump from the same month a year ago and accelerating strongly from the 3.0% rise recorded in May. The rebound came despite the ongoing effects of the coronavirus pandemic on the economy and labor market in the U.S., where non-farm payrolls continued to decline in June despite softening somewhat from the steep declines logged in April–May. Meanwhile, the average amount remitted rose to USD 340 from USD 319 a month prior.
In the 12 months up to June, remittances totaled USD 37.9 billion, slightly above the USD 37.5 billion recorded in the 12 months up to May and thus setting a new record high. June’s 12-month rolling total marked an 9.2% increase from a year earlier (May: +8.2% year-on-year).
Author: Javier Colato, Economist