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Mexico | Remittances link 3 consecutive months breaking record and above 5 billon USD

Published on Thursday, September 1, 2022

Mexico | Remittances link 3 consecutive months breaking record and above 5 billon USD

Remittances accumulate three consecutive months marking a historical record. Despite the contraction of GDP in the US, the unemployment rate is at very low levels, which have only been lower for more than 50 years.

Key points

  • Key points:
  • During the last three months, remittances to Mexico have marked a new historical maximum month after month: May (5,142 million US dollars, md), June (5,144 md) and July (5,297 md).
  • The unemployment rate in the US (3.5% in July) is at one of its lowest levels in more than 50 years, there are only minor records before 1970, which strongly boosts the labor conditions of Mexican migrants in that country.
  • Although the GDP of the US has presented two consecutive quarters with contractions, as long as the level of unemployment in that country remains low, significant amounts of remittances will continue to reach Mexico.

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