PHOENIX (AP) — Mexican workers have confounded economists by sending home huge sums of money during the coronavirus pandemic. Experts had predicted that as the American economy took a dive, migrant workers would send their families less money, known as remittances.
But payments from Mexican workers in August amounted to $3.57 billion, the second-highest level on record for a single month. Most remittances to Mexico come from the U.S. Economists say their original forecasts underestimated the strength of “human networks” between Mexican migrants in the U.S. and their families back home.
They also say the unexpected rise is driven by a weakened Mexican peso and government benefits provided in America.