Employment in the US drives 23.3% of family transfers

income for Mexico Last September, family transfers amounted to 4,403 million dollars, an increase of 23.3 percent over the annual comparison.

According to the analysis BBVA Research, these resources accumulate in a series of 17 consecutive months of rise, which began in May 2020.

Analysts Banorte Financial Group They explained that they added seven consecutive months with monthly inflows of more than $4 billion, and considered that “the advance rate remains strong despite the modest growth expectations and the expiry of additional unemployment benefits at the national level in”. United State“.

The accumulated amount in the January-September period of this year amounted to 37 thousand and 334 million dollars, which is higher than the 29 thousand and 965 million dollars recorded in the same period in 2020 and this means an annual increase of 24.6 percent, according to the Bank of Mexico.


NS BBVA ResearchIf this trend continues into the remainder of the year, it will be closed with more than $50 billion in remittances.

For professionals Monex Financial Group These resources remain a vital pillar of the country’s economic recovery dynamism. In the remaining months, we expect remittances to maintain annual growth of 20-25 percent, “leading us to revise our year-end estimates from $49,600 to $50,700 million.”

my panorty It raised its full-year forecast to a range of $49.5-50.5 billion.

The record for income from this resource was reached last year, in the middle of the pandemic, when $40,606 million entered the country.

Preferred conversion

In the first nine months of the year, 99.1 percent of shipments were via electronic transfers. The rest was cash and in-kind and money orders.

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Consistently, average conversions have been on the rise, reaching $328 in September 2019; In the same month but in 2020, it reached $347, and in September of this year it was $381, an increase of 9.8 percent on an annual basis.

With the numbers adjusted for seasonality, he said, remittance income last September fell 1.7% at a monthly rate, outpacing two months of increases. my panorty.

job outlook

The best economic and working conditions in I encouraged to send money from immigrants mainly to their families in Mexico During the month of September, confirmed BBVA ResearchHe added that 94.9 percent of remittances come from that country.

The Bank’s analysis indicated that since May 2021, the unemployment level of Mexican immigrants has been below the national average and below pre-pandemic levels; Last September it was 4.1 per cent.

On the contrary, the total unemployment rate in I Still above previous levels of the health emergency of 4.8 percent in September.

BBVA He explained that due to the health crisis in April 2020, the unemployment rate for Mexican immigrants in the United States was 17 percent, a level higher than the national average in that country in the same period, which was 14.8 percent.

He noted that the level of unemployment for both Mexican immigrants and citizens has been gradually declining since then. BBVA.

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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