Associated Press

Yearly Mexican remittances drop for first time

The money sent home by Mexican migrants fell in 2008 for the first time on record, Mexico’s central bank said Tuesday — part of a global trend that could worsen as emigrants from developing countries lose jobs in the global financial crisis…

Experts blame a crackdown on illegal immigration that has stemmed the flow of those heading north to seek work as well as the U.S. recession, in which many Mexicans, especially construction workers, have been laid off.

It was the first time remittances have fallen year-to-year since the bank starting tracking the money 13 years ago. HERE