Economics
Mexican Workers Abroad Send Record Cash Back Home Amid U.S. Boom
- Remittances climbed to $4.5 billion in May, above estimates
- Strong U.S. growth and a tight labor market helped gains
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Mexican workers abroad sent more money home than ever as growth and tight labor conditions in the U.S. boost spending power.
Remittances rose to $4.51 billion in May, blowing past the previous record and outstripping the average $4.25 billion estimated by nine economists surveyed by Bloomberg. The previous record was set in March, with $4.16 billion sent back to Mexico.