Remittances to Mexico Top Estimates, Signal Record as U.S. Booms

(Bloomberg) -- Remittances sent to Mexico reached another record in August, a sign that contributions from workers in the U.S. continue to help Latin America’s second-largest economy while its recovery remains uneven.

Money sent from abroad grew to $4.74 billion in August, Mexico’s central bank said on Friday, beating a $4.42 billion median estimate from economists in a Bloomberg survey. Last month’s remittance number implies a 4.5% increase from July, which was the previous record.

Read More: Mexico’s Uneven U.S.-Powered Recovery Leaves Many Regions Behind

The U.S. economic recovery and stimulus payments have allowed Mexican workers abroad to send a growing amount of their income and savings back home. Each transfer has averaged $387 in August, the central bank said.

©2021 Bloomberg L.P.