Tuesday, November 24, 2009

How Bad Is It?

Mexican Families Begin Sending Money to Relatives in U.S.

"Mexico is expected to lose more than 700,000 jobs this year due to a slumping economy that may decline as much as 7.5%. Almost half of the country’s population lives in poverty, and yet, it is managing to reverse a trend of money that has traditionally flowed from north (the United States) to south.

While no statistics are yet available, plenty of anecdotal information suggests an increasing number of Mexican immigrants in the U.S. are now receiving money from relatives in Mexico, instead of sending it. Unemployment is so bad in migrant communities in the U.S. Southwest that some families south of the border are hurting less than those they know in the United States, causing them to wire whatever money they can.

“It’s something that’s surprising, a symptom of the economic crisis,” Martín Zuvire Lucas, who heads a network of community banks in Oaxaca and other underserved Mexican states, told The New York Times. “We haven’t been able to measure it but we hear of more cases where money is going north.”

Restaurants brace for a sour season as consumers lose appetite for dining out

"The number of people visiting restaurants has plunged for four quarters in a row, according to NPD Group."

One in seven Americans went hungry in 2008

Goodbye jobs, hello mom and dad


Anonymous Anonymous said...

LOL! Whatta reversal that is!

I wonder how long that will last though, Mexico is a tinder-box as it is with the drug cartels having open warfare in the streets!

As for eating out, does ordering a pizza then going to fetch it instead of delivery count? ;)

24/11/09 9:54 AM  
Blogger nolocontendere said...

Tinder box it is down there dad, I would assume Mexico is going to explode in various ways pretty shortly.

24/11/09 4:41 PM  

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