If, as I’ve long thought, Mexican immigrants are terrific economic barometers, it seems the economy is recovering.
Banco de Mexico reports that remittances sent home from the U.S. were higher in May than they’ve been in 43 months: rising to $2.336 billion, according to Reforma newspaper.
Economists should use Mexican immigrants as economic barometers. They are virtually nationwide, and they go where the jobs are. Plus, they’ve shown themselves remarkably reflective of good and bad economic times. There was a reason pre-Katrina New Orleans had few Mexicans: the economy was on its back and there were no jobs. Few Mexicans in Detroit, too. But Charlotte? Nashville? Minneapolis? They all have large populations.