Weekly Report - 02 December 2010 (WR-10-48)

MEXICO | Remittances. In October 2010 the inflow of remittances was 2.1% up on the same month of 2009 at US$1.73bn. For the first 10 months of 2010, however, the inflow is down by 1.7%, year-on-year at US$17.88bn.
The October figure was a disappointment. Local economists had been forecasting that there would be a 9.4% year-on-year jump in the inflow.
The main reason for the undershoot is that employment in the US is still not improving. Unemployment among Hispanics is about 25% higher than the national unemployment rate of 9.6%. 
Another worrying indicator is that the number of remittances fell in October year-on-year. This suggests that the better-off remitters are sending more cash home but the poorer remitters are sending nothing back.

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