Mexicans Working In US Sending Less Money Home

By: Associated Press
By: Associated Press

ATOTONILCO, Mexico (AP) - Immigration raids and a struggling U-S
economy are choking the flow of money to Mexican hamlets where up
to half the people work in the U-S.
Migrants are sending less money home. Payments have fallen about
2 percent to $11.6 billion this year. Mexico's Central Bank said
today it's the first such drop in more than a decade.
The buying power of this money has been battered by the
weakening U-S dollar. The dollar has lost about 8 percent of its
value against the Mexican peso so far this year.
In Mexico, businesses that once thrived selling everything from
beds to bricks to the families of migrants have laid off workers.
Bank of Mexico President Guillermo Ortiz said about 22 percent
of Mexican workers in the U.S. have jobs in construction, an
industry that has slowed sharply.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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