Mexico: Remittances rise in June
Remittances totaled USD 5.2 billion in June, reflecting a 15.6% year-on-year increase, following May’s 14.3% year-on-year expansion.
On a cumulative 12-month basis up to June, remittances summed USD 55.5 billion, following the USD 54.2 billion registered in May. June’s 12-month moving average signaled a 23.4% rise from a year earlier (May: +24.4% year on year). The strong U.S. labor market continues to buoy remittances inflows, which likely boosted private consumption in turn during the second quarter. However, a likely slowdown in the U.S. labor market in the coming quarters as monetary policy tightens could weigh on remittances ahead.