In June, the United States experienced the largest job growth in the last 10 months, according to the non-farm payroll report.
About 850 thousand jobs were recovered in June in the United States, a figure that exceeded the forecasts that contemplated 700 thousand new jobs. These recovery figures have benefited Mexican migrants living in that country.
According to the non-farm payroll report from the United States, the improvement in the situation due to the pandemic, as well as higher wages, were the most important points to achieve this job recovery. In addition, the recovery has been reflected in critical sectors such as education, professional and commercial services, and retail trade.
Alfredo Coutiño, director for Latin America at Moody’s Analytics, explained that job growth in the United States is great news for Mexico, and that it not only means more job opportunities but better wages.
“Fortunately, our countrymen who left Mexico in search of better employment opportunities, are now having them in abundance and well paid. This, in turn, is going to be reflected in an increase in the remittances of money sent to their relatives in the country, ”Coutiño explained.
On the other hand, Juan José Li Ng, senior economist in Mexico at BBVA and specialist in migration and remittances, explained that: “The direct effect on the Mexican economy is in the greater flow of remittances, which is a driving factor for the consumption, especially of low-income families who have a high propensity to consume, dedicate a greater part of their income to consumption ”.
